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 has dispatched its first rail cargo shipment from Baku to China, marking a significant milestone in its ambitions to become a critical hub along the Middle Corridor. The Azerbaijan Railways (ADY) confirmed on Sunday that the inaugural "Baku-Xi'an" export block train, comprising 62 40-foot containers, has begun its journey.
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Azerbaijan’s Cabinet of Ministers approved a detailed framework for the preparation of sector-specific strategic plans aimed at guiding the country’s economic development over the medium term.
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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