Gasprom and German Basf SE holding have signed the main agreement on asset exchange.
As a result of the deal, Gasprom will increase its share in the joint companies for gas storage and trade in Europe – Wingas, Wieh and Wiee – and will receive 50% share in Sinz company, which is involved in exploration and production of hydrocarbons in the North Sea.
Wintershall will receive 25.01% share in the project for development of 4A and 5A deposits on the Urengoi oil and gas condensate field. According to the development plan, resources of these blocs total 274 billion cub.m. of gas and 74 million tons of condensate. During the peak period the annual production will total about 8 billion cub.m. The beginning of production is scheduled for 2016.
The deal was approved by the European Commission on December 4, 2013. The companies signed the basic binding agreement on the conditions of asset exchange in November 2012.—0--
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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