Yesterday State Oil Company of Azerbaijan (SOCAR) and Russian Rosneft oil company controlled by the Russian government signed two agreements during the visit of Russian President Vladimir Putin to Baku. The agreement has been signed by SOCAR President Rovnag Abdullayev and Igor Sechin, Rosneft chairman of Board.
The agreement on cooperation envisages development of cooperation between the companies in various fields.
The second is the agreement on the main conditions of oil deliveries.
A source from SOCAR told Turan that the document envisages trade operations between the two companies in field of crude oil deliveries. The operations will be carried out on the territory of Azerbaijan and Russia as well as third countries. "SOCAR will be able to buy oil from Rosneft for its further refining at its own oil refineries and deliver the similar volumes to different countries, including transportation and other costs," the same source said.-0-
Economics
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According to data released by the State Statistics Committee, Azerbaijan’s agricultural sector achieved slight production growth in the first eight months of 2024. The total volume of agricultural production reached 8.723 billion manats, which is 0.8% higher than during the same period last year. However, this growth occurs against a backdrop of increasing food imports, despite significant government subsidies aimed at supporting domestic agriculture.
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Azerbaijan has unveiled strong fiscal indicators for the first eight months of the current year, reporting a state budget surplus that underscores the country’s economic resilience amidst global uncertainties. According to operational data released by the Ministry of Finance, state budget revenues from January to August 2024 reached 25 billion 223.4 million manats, while expenditures amounted to 22 billion 362.4 million manats.
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Azerbaijan has made significant progress in diversifying its energy balance, with renewable sources playing an increasingly important role in the country's electricity production. Operational data for January-August 2024 show that total electricity generation reached 19,235.4 million kilowatt-hours (kWh), marking a noticeable shift towards greener energy.
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Bilateral relations between Azerbaijan and Russia are accelerating, particularly in the agricultural sector, as Deputy Prime Minister Shahin Mustafayev and Russia’s Minister of Agriculture Oksana Lut underscored during their high-level meeting on September 13 in Baku.
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