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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The INMerge Innovation Summit, organized by PASHA Holding, continued in Baku on Friday. The summit brought together leading industry leaders, startups, and investors in the fields of fintech, e-commerce, artificial intelligence, and digital business.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved a new regulation titled “Procedure for the Transfer of Regulatory Functions and Duties for Flight Safety Supervision,” aligning with the country’s obligations under international civil aviation agreements.
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In September 2024, Azerbaijan experienced a noticeable increase in the Consumer Price Index (CPI), reflecting broader economic trends and the impact of various factors on the market. The CPI, a critical indicator of inflation, rose by 3.5% compared to the same month in 2023. This growth was driven by several components, including food and non-food products, as well as paid services provided to the population.
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The shareholders of JSC "Saba" (Səba) have scheduled an extraordinary general meeting for October 28 at 15:00, where the main agenda item will be the liquidation of the joint-stock company and the formation of a liquidation commission, according to company announcements.
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