Russian Energy Minister Alexander Novak has approved established of the JV between Rosneft and SOCAR.
"The joint venture will be involved in joint exploration and development fields on the territory of Russia and Azerbaijan," he said.
"The JV will also market the products and jointly use the infrastructure for delivery of oil and oil products," Russian Minister added.
Novak specified that the companies have signed only a framework agreement. "In the future the companies will work on the details of mutual deliveries, purchase-sale of oil, possible swap operations and exchange of assets," Novak added, reported www.biztass.ru.--0--
Economics
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Azerbaijani President Ilham Aliyev signed a decree on Monday aimed at improving social welfare, increasing the country’s minimum monthly wage to 400 manats ($235) starting January 1, 2025.
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Turkish companies YDA and ASFAT plan to build a shipyard near Kazakhstan's port of Kuryk to address the country's domestic fleet shortage, Kazakhstan's Minister of Transport Marat Karabaev announced on Monday during a parliamentary session. The project underscores Kazakhstan's ambitions to strengthen its maritime capabilities and logistics infrastructure.
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Kazakhstan's Minister of Transport, Marat Karabayev, unveiled the country’s bold roadmap for transforming itself into a premier transport and logistics hub in Eurasia. Speaking in parliament on Monday, Karabayev detailed strategies to capture a share of the massive $1 trillion annual freight flows between the East-West and North-South corridors.
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The ASCO-owned ferry "Shahdag," freshly refurbished, has resumed operations on the Azerbaijan-Kazakhstan route, aiming to alleviate severe truck congestion at ports on both sides of the Caspian Sea.
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