Azerbaijan and Iraq have agreed to jointly develop the oil and gas projects in Iraq, reads the information posted on the web site of the Azerbaijan Energy Ministry.
The memorandum on mutual understanding for development of oil and gas projects in Iraq was signed between Azerbaijani Energy Ministry and Iraqi Oil Ministry in Baku yesterday.
Azerbaijani Energy Minister Natig Aliyev said at the meeting with Iraqi Oil Minister Adil Abdulakhmadi that rich energy resources, which both countries possess, open wide possibilities for expanding of bilateral cooperation. Azerbaijani Minister added that the memorandum will become the basis for expansion of the future cooperation.
Aliyev said that mutual relationships between the two countries must not be limited only to the energy sector, but must be expanded in various fields. He believes that the document will create such a possibility.
Iraqi Oil Minister Adil Abdulakhmadi was the most important guest at the Caspian Oil & Gas 2015 exhibition yesterday (except him there were none Oil Ministers).
According to Turan, delegation of State Oil Company of Azerbaijan (SOCAR) has recently visited Baghdad and the Iraqi side has offered it to consider the possibility of development of oil fields. SOCAR’s experts have been studying the options of SOCAR’s participation in the projects.—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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