SOCAR company will submit to the Azeri-Chirag-Guneshli project partners a draft of the new contract for development of deep lying gas on this bloc in the Azerbaijani sector of the Caspian Sea, high-ranking representative of SOCAR said. He said work on the draft contract is almost completed. "We are completing work on the draft of the contract. Work on the draft does not mean that it will be signed, because it needs to be coordinated. As soon as it is ready, we will submit it to BP and other partners and then we will start talks. I think we will find an agreement," said the same source. SOCAR's representative said that the contract, which will be signed by all partners of the project, will be concluded in a new format. "This will be the Risk Service Agreement (the contract with a minimum guarantee of repayment). The contract will be approved in parliament," he said.
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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