Russian gas supplies to the AzMeCo company, methanol plant in Baku’s Garadag region, are scheduled for September 20-21, Rovnag Abdullayev, President of State Oil Company of Azerbaijan (SOCAR), told journalists.
He said according to the agreement signed between Russian Gasprom company and AzMeCo, the volume of deliveries will total 1-2 billion cub.m. of gas a year. “This will depend on the needs of the Azerbaijani company,” SOCAR President explained.
On September 11, 2015 Gasprom and AzMeCo signed the partnership agreement for natural gas supplies. The contract has been signed by Yelena Burmistrova, Director of Gasprom Export daughter company, and Nizami Piriyev, chairman of Board of AzMeCo.—0-
Economics
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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