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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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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