Armenian Commission to Regulate Public Services has approved increase in the investment program of ArmRosgasprom closed-type joint stock company (JSC), the monopolist of gas deliveries and distribution at the Armenian local market, by $2,283,000 up to $19,048,000 in 2013.
$1,318,000 will be spent for upgrade of the Abovian underground gas storage, $269,000 for reconstruction of the gas transportation system, $301,000 for subscription of new customers and $393,000 for other costs of the gas distribution network.
ArmRosgasprom was established in 1997, its shareholders are Gasprom and the Armenian Ministry of Energy and Natural Resources. On December 2, 2013 Russian and Armenian Presidents have held talks and signed several documents in the gas industry, which, particularly, envisage increase in Gasprom share in ArmRosgasprom up to 100%.—0—
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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