Directorate of the European Commission on Competition has postponed the term of consideration of the deal on purchase of 66% shares of Greek DESFA gas distribution operator by SOCAR.
It was earlier planned that the consideration will take place before March 23, but the final date of the procedure has been postponed till April 22, 2015.
In June 2013 Greece sold the bloc of shares (66%) of DESFA to SOCAR for 400 million Euro, However, the EU puts the obstacles to the actual handover of the shares.
While commenting on the deal earlier SOCAR President Rovnag Abdullayev said that Europe and Greece need the project more, than Azerbaijan.—0—
Economics
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According to data released by the State Statistics Committee, Azerbaijan’s agricultural sector achieved slight production growth in the first eight months of 2024. The total volume of agricultural production reached 8.723 billion manats, which is 0.8% higher than during the same period last year. However, this growth occurs against a backdrop of increasing food imports, despite significant government subsidies aimed at supporting domestic agriculture.
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Azerbaijan has unveiled strong fiscal indicators for the first eight months of the current year, reporting a state budget surplus that underscores the country’s economic resilience amidst global uncertainties. According to operational data released by the Ministry of Finance, state budget revenues from January to August 2024 reached 25 billion 223.4 million manats, while expenditures amounted to 22 billion 362.4 million manats.
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Azerbaijan has made significant progress in diversifying its energy balance, with renewable sources playing an increasingly important role in the country's electricity production. Operational data for January-August 2024 show that total electricity generation reached 19,235.4 million kilowatt-hours (kWh), marking a noticeable shift towards greener energy.
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Bilateral relations between Azerbaijan and Russia are accelerating, particularly in the agricultural sector, as Deputy Prime Minister Shahin Mustafayev and Russia’s Minister of Agriculture Oksana Lut underscored during their high-level meeting on September 13 in Baku.
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