The French oil company ‘Total’ has confirmed the presence of large gas reserves in the Absheron block in the range 140 to 280 billion cubic meters. According to the press release, this field occupies approximately 270 square kilometers and is located in 100 kilometers to the south-west of Baku. Exploration works started in 2009.
The second phase of exploration provides for the exploration for more accurate determination of the volumes of reserves. In the oil and gas production project in Absheron ‘Total’ owns 40% share, the same belongs share belongs to the state-owned SOCAR, and 20% to the Swiss GDF Suez. -02D-
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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