Today the companies Rosneft and Socar Turkey Energy (Turkish "daughter" of the State Oil Company of Azerbaijan) signed an agreement on the basic conditions of supply of oil and petroleum products. This was stated by the Russian company.
The agreement was signed at the World Energy Congress in Istanbul.
According to the agreement, the parties will explore the potential of cooperation in the framework of a new oil refinery Star with a capacity of about 10 million tons, the construction of which is carried out by Socar Turkey Energy.
"The companies will consider the possibility of the organization of deliveries of production of Rosneft, particularly oil and other raw materials, to the enterprise," the press release says.
The range of products, as well as the size and timing of deliveries, will be determined within the framework of legally binding documents, which the parties plan to sign in the medium term.
In the medium term, Rosneft and Socar Turkey Energy also plan to sign agreements on quantities and dates of the deliveries.
Turkey is a net importer of oil (in 2015, oil imports grew by 43% YoY to 25.1 million tons due to the increase in the demand by the Turkish refineries). --12B--
Economics
-
Azerbaijan's Cabinet of Ministers has approved amendments to the list of strategically important goods in the country's consumer market, as outlined in Decision No. 136 dated April 27, 2023. The update aligns with the implementation of the Law on State Reserves and a corresponding presidential decree, the government announced on Thursday.
-
Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
-
The President of Azerbaijan approved the amendments on November 7, which were made to the “Law of the Republic of Azerbaijan on Credit Bureaus” by the Milli Majlis. The text of the amended law was published on November 28.
-
The European Bank for Reconstruction and Development (EBRD) has released its Transition Report 2024-25 for Azerbaijan, urging the country to take bold steps to improve economic governance and foster private sector development. The report outlines key priorities for Azerbaijan’s economic trajectory and highlights challenges stemming from its reliance on volatile energy markets.
Leave a review