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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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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