Rosneft and SOCAR have agreed to set up a joint venture on a parity basis to implement the projects for development of oil and gas in various countries, including Russia and Azerbaijan, as well as joint use of various pipelines and terminals, reads the statement of Rosneft posted on the Russian company's web site.
Rosneft and SOCAR Presidents Sechin and Abdullayev have evaluated the signed agreement as a new serious step towards a wide-scale expanding of the Russian-Azerbaijani intergovernmental agreement in the energy field.
The agreement will allow the both companies expanding their activities, getting access to new markets and resources and optimizing deliveries of oil and oil products at the expense of joint use of the existing infrastructure.
* SOCAR is the shareholder of the Baku-Tbilisi-Ceyhan (BTC) oil pipeline with 25% share. The daily capacity of oil pumping via BTC is 1.2 million barrels of oil. At present oil extracted on the Azeri-Chirag-Guneshli bloc of fields in the Caspian Sea and condensate extracted on the Shah-Deniz field and Turkmenistan oil is exported via BTC.
SOCAR also holds 10% share in the Baku-Tbilisi-Erzerum gas pipeline with the capacity of up to 8 billion cub.m. a year, via which gas is delivered from the Shah-Deniz field to Georgia and Turkey. SOCAR is also operator of the Azerbaijani section of the Baku-Novorossiysk oil pipeline. In addition, SOCAR owns a terminal in the Georgian Kulevi port with the capacity of 10 million tons of cargo a year, including 3 million tons of oil, 3 million tons of diesel fuel and 4 million tons of black oil.
Since 2012 SOCAR is the operator of trans-Anadolu (TANAP) gas pipeline in Turkey, where it holds 80% share. SOCAR has got 20% share in the trans-Adriatic pipeline (TAP), which will be launched since 2019 to transport Azerbaijani gas to Europe.-0-
Economics
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But Putin Says It's "Virtually Impossible" Due to Zelensky's Position Slovak Prime Minister Robert Fico visited Moscow on Sunday to discuss energy issues, becoming the third EU country leader to hold talks with Vladimir Putin since Russia's 2022 invasion of Ukraine. Prior visits include Austrian Chancellor Karl Nehammer in April 2022 and Hungarian Prime Minister Viktor Orbán in July 2024. Slovakia is also a NATO member.
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Environmental, Social, and Corporate Governance (ESG) principles have emerged as a transformative force in modern business practices, reshaping priorities across industries. This was a key theme highlighted by Orkhan Mammadov, Chairman of the Management Board of the Small and Medium Business Development Agency (KOBIA), at the conference "Labor Relations, Occupational Safety, and Human Resources as Key ESG Approaches," held on Monday in Baku.
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A detailed review of legislative norms and e-government services across various business environment domains has been prepared and published by the working group of the Business Environment and International Ratings Commission, focusing on electricity network connections.
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The draft law "On Amendments to the Tax Code," adopted in its third reading, provides for tax exemptions on the sale of locally manufactured buses in Azerbaijan and the supply of spare parts for these vehicles. This was reported by the Tax Service under the Ministry of Economy, explaining that the government's initiative aims to support business development in the country by reducing the tax burden. The exemption will come into effect on January 1, 2025, and will remain valid for eight years.
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