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 navigated a turbulent economic period in 2024, characterized by inflationary pressures, persistent fears of devaluation, and limited structural reforms. While official data pointed to moderate inflation, deeper vulnerabilities and growing public dissatisfaction cast a shadow over the country's financial stability, economist Gubad Ibadoglu noted.
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Azerbaijan's agricultural sector faced a difficult year in 2024, with unresolved systemic issues, declining growth dynamics, and a surge in food imports highlighting the nation's dependence on foreign supplies, according to government and industry reports.
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As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
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