SOCAR has been considering possibility of buying some assets of Rosneft company in Russia. “Within several weeks the documents could be possibly signed. The assets have been named, but there are many candidates, because everyone would like to cooperate with Rosneft,” SOCAR President Rovnag Abdullayev told journalists after his talks with Rosneft President Igor Sechin at IP Week.
Two sources familiar with the situation told Interfax that SOCAR has considered purchase of Polyarnoye Siyaniye company from Rosneft, which has been eventually purchased by the company owned by Aleksei and Yurii Khotin (including ConocoPhillips’s share).
Commenting on SOCAR’s interest in Polyarnoye Siyaniye, representative of Azeri company told journalists: “There are many assets in Russia that are under consideration.”
In May 2014 SOCAR and Rosneft created a joint venture, which is also involved in production. But the JV has not been operating yet.--0—
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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