Today in Baku within the framework of inter-regional forum Russian-Azerbaijan have been signed 12 documents on cooperation in the humanitarian and economic spheres. Among the documents signed: an agreement on twinning the cities of Gabala and Kislovodsk; protocol of intent on cooperation between the Narimanov district of Baku and Astrakhan region of the Russian Federation; agreement on industrial production in the special economic zone in the Astrakhan region; a framework agreement on cooperation between the Baku Medical University and Stavropol Medical University; Agreement between the tourist center "Derbent 2000" Guba and Khachmaz tourist attraction and a tourist center; a cooperation agreement between the Foundation AZPROMO and the Chamber of Commerce of the Stavropol Territory; a memorandum of cooperation between AZPROMO and the Agency for Entrepreneurship and Investment of Dagestan; a memorandum of cooperation between AZPROMO and the Association "Caspian Way"; agreement to supply glass by the Caspian float plant and the company Glass House; a memorandum of cooperation of producers and exporters of fruits and vegetables of Azerbaijan and the Association of "Caspian Way"; memorandum of partnership between OOO "Bentonite", ADY Express and "AzRosPromInvest". -02D-
Economics
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Rovshan Najaf, President of the State Oil Company of Azerbaijan (SOCAR), and Oleg Korobchenko, Deputy Prime Minister and Minister of Industry and Trade of the Republic of Tatarstan, discussed cooperation and expressed satisfaction with the partnership between SOCAR and the Russian oil company Tatneft.
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Azerbaijan’s drive to attract investment into its industrial and agricultural zones is gaining momentum, with the government registering 31 new resident companies across economic zones in 2023. The Economic Zones Development Agency (EZDA) also granted non-resident status to one company, marking a new phase in the country’s efforts to stimulate economic growth in post-conflict areas and beyond.
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The State Oil Company of Azerbaijan (SOCAR) is stepping up its international expansion in upstream operations, marking a strategic shift in its global portfolio. The company’s recent acquisitions— a 10% stake in Israel’s Tamar gas field and a 3% share in the SARB and Umm Lulu offshore oil projects in Abu Dhabi—signal its growing ambitions beyond Azerbaijan’s borders.
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BP plans to drill 19 wells at the Azeri-Chirag-Guneshli (ACG) oilfield block in 2025, maintaining its drilling activity at the same level as in 2024, a senior company executive said on Tuesday.
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