State Oil Company of Azerbaijan (SOCAR) has started the talks on participation in construction of the Kuban oil refinery in Novorossiysk, Azerbaijani Energy Minister Natig Aliyev told TACC last Friday.
“Yes, we are interested. During his recent visit to Baku Rosneft President Igor Sechin has held talks with SOCAR, but I have no information about the results of the talks,” he said while answering this question.
According to TACC, the Azerbaijan’s participation in construction of the Kuban oil refinery in Novorossiysk for pumping of Azerbaijani oil into oil and sale of oil products through the Russian traders has been discussed at the summit of the Caspian states in September 2014.
TACC reported that in October 2014 Rosneft President Igor Sechin has visited Azerbaijan. After the visit Rosneft press office reported that Rosneft and SOCAR have discussed strengthening and development of cooperation. In particular, the sides have discussed implementation of joint projects in field of oil production and refining in Russia and Azerbaijan. During his visit Sechin has met with SOCAR President Rovnag Abdulayev.
In May 2014 Rosneft and SOCAR signed the agreement to create a joint venture for oil and gas exploration and production in various jurisdictions, including in Azerbaijan and Russia. The sides have agreed to create a joint venture on a parity basis and include into its authorized capital shares in the production assets in Russia, Azerbaijan and third countries.—0—
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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