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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Rashad Huseynov has been appointed as the new director of the Center for Agricultural Research under the Ministry of Agriculture, replacing Firdousi Fikretzade who led the center since 2019. Fikretzade stepped down from his position on June 10 at his own request.
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Since July 1, bus and metro fares have increased by 10 qəpik, reaching 50 qəpik. The fare for buses on the Baku-Sumgayit route has risen from 60 qəpik to 70 qəpik. However, it is reported that there has been no improvement in service quality following the price increase. According to complaints, air conditioners are not working on buses operating in the periphery, and overcrowding persists.
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Rovshan Najaf, President of the State Oil Company of the Republic of Azerbaijan (SOCAR), held a meeting with Bojan Kumer, Slovenia's Minister of Environment, Climate and Energy, to discuss bilateral cooperation in the energy sector.
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Azerbaijani Energy Minister Parviz Shahbazov met with a delegation led by the World Bank's Regional Director for the South Caucasus, Roland Price, to discuss the development of cooperation in the energy sector.
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