Six months ago on August 13, 2013 State Oil Company of Azerbaijan (SOCAR) and Russian Rosneft company signed the agreement during the visit of Russian President Vladimir Putin to Baku.
Rosneft and SOCAR have agreed to establish a joint venture on a parity basis for the oil and gas exploration and development in various countries, including Azerbaijan and Russia, as well as the joint use of some pipelines and terminals.
Rosneft President Igro Sechin said later that “the agreement will allow the two companies expanding geography of their activities, getting access to the new markets and resources and optimizing the oil and oil products deliveries at the expense of joint use of the existing infrastructure.”
The sides have also notified the publicity that the documents signed in Baku had no juridical obligations: “If within six months the companies’ experts find an agreement on the mutually beneficial commercial projects, then a joint venture will be created on a parity basis for their implementation.”
At the end of August the sides discussed a reverse use of the Baku-Novorossiysk pipeline. They have considered a possibility of refining Russian Urals oil at Baku’s oil refineries and swap delivery of Russian oil via the Baku-Tbilisi-Ceyhan pipeline and delivery of the similar volume to Rosneft in Europe.
However, the two state companies failed to reach mutually beneficial contracts.—0—
Economics
-
President Ilham Aliyev signed a decree on 27 Desember to implement the law on the 2025 State Social Protection Fund budget, setting forth measures to ensure the effective execution of the fund’s financial framework.
-
Azerbaijani President Ilham Aliyev has issued a decree to implement amendments to the country’s Tax Code, approved by Parliament on December 16, 2024, under law number 98-VIIQD. The decree, published on Friday, is aimed at optimizing tax administration and strengthening the legal framework outlined in the revised legislation.
-
Azerbaijan’s parliament has approved a law establishing minimum living standards for 2025, with specific allocations for various demographic groups. The legislation, signed by President Ilham Aliyev on December 16, will come into force on January 1, 2025. The presidential decree was published on December 27.
-
The President of Azerbaijan issued a decree on December 27, 2024, to implement the "2025 State Budget Law" aimed at streamlining the allocation and execution of government expenditures. The legislation, codified under law number 93-VIIQ, outlines detailed budget appropriations across various sectors, reflecting strategic priorities in defense, education, healthcare, and infrastructure.
Leave a review