Rosneft and Italian Pirelli Tyre Russia have signed the memorandum on mutual understanding to create a joint venture to produce butadiene-styrene rubber in Armenia, reported Rosneft.
The project implementation will allow creating a joint venture in Armenia to produce high-technology rubber, which is applied in production of “green tires” to reduce fuel consumption by auto transportation and improve road traction.
According to the memorandum’s conditions, Rosneft is going to be the leading investor and shareholder of the plant and conduct research and trial design in field of innovative rubber production jointly with Pirelli. Pirelli is ready to be the buyer of the final product.
In early September 2013 Rosneft President Igor Sechin agreed with Italian Pirelli that Pirelli’s delegation will visit Nairit plant in autumn 2013 to analyze the investment possibilities and evaluate the possible directions of cooperation.
Nairit is the only maker of chloroprene rubber in the CIS. In the 1980s Nairit occupied 10-12% of the world chloroprene rubber market, but now it is in the pre-bankruptcy state, its debt reached $120-130 million. The plant stands idle since April 2010, because of high gas prices. As the prices went from $54 up to $180 per cub.m. of gas, production has become unprofitable.—0—
Economics
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Kazakh Energy Minister Almasadam Satkaliyev said on Monday that Kazakhstan and Azerbaijan continue to discuss prospects for transporting Kazakh oil through the Baku-Supsa oil pipeline, which has been idle since spring 2022, Kazakh media reported.
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The supply of Azerbaijani gas to North Macedonia will transition to a regular basis in the mid-term, an informed source told Turan.
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In Azerbaijan, the minimum consumption basket may be reassessed next year. This was discussed during a joint meeting of parliamentary committees. The last changes to the consumption basket were made a decade ago. However, during this period, inflation has risen, and the cost of the minimum living standard has also increased. Moreover, some experts believe that the current minimum consumption basket in Azerbaijan requires significant updates, with the inclusion of additional goods and services.
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Azerbaijan's draft state budget for 2025 prioritizes strategic objectives outlined by President Ilham Aliyev, including economic growth, social development, and reconstruction of liberated territories, according to senior officials speaking at a parliamentary session on Monday.
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