Russian state-run oil and gas company Rosneft would like to buy a share in the Azerbaijani gas field Absheron, a reliable source familiar with the Azerbaijani-Russian talks in field of energy cooperation told Reuters.
According to Reuters, this way Rosneft wants to become Gasprom's competitor in gas export.
In early July during his visit to Baku Rosneft President Igor Sechin met with the administration of State Oil Company of Azerbaijan (SOCAR) and discussed the cooperation issues with President Ilham Aliyev. After that Sechin announced joint plans of the Russian company and SOCAR,but did not disclose details of the future cooperation.
Absheron gas condensate field was discovered in September 2011. After drilling of the first exploration well on the northenr part of the field, Total company, the project operator, announced discovery between 150 and 300 billion cub.m. of gas. However, Azerbaijani geologists expect that resources of the field could be twice more, than it was initially forecasted.
At present the shareholders of the project are Total (operator) - 40%, SOCAR - 40% and Gas de France - 20%.
The first gas is expected to be extracted on Absheron no earlier than 2020.
* According to the local sources, Russian President Vladimir Putin wil visit Baku in August 2013 on his way to Iran. Putin will be acompanied by the Russian delegation comprised of Presidents of Rosneft, Transneft and LUKol companies.-0-
Economics
-
Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
-
Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
-
The value of paid services provided to the population in Baku reached 6.94 billion manats in the first eleven months of 2024, reflecting a real-term increase of 9.2% compared to the same period in 2023, according to data from the Baku City Statistical Department.
-
According to data from the Baku City Statistical Department, the retail trade turnover in Azerbaijan’s capital, Baku, increased by 5% year-on-year from January to November 2024, reaching 31.6 billion manats. This growth reflects the steady recovery of the economy and consumer confidence amid broader market stability.
Leave a review