The US authorities have prolonged temporary mitigation of sanctions against Iran by six months – such countries, as China, India and Korea are not going to be objects of the US sanctions for the trade relationships with Iran in exchange for a significant reduction of purchase of Iranian crude oil, reported Reuters.
The US Department of States must determine if the Iranian oil consumers have reduced their purchases. The decision to temporary suspend sanctions was made after the US and five other world countries agreed in Geneva in November 2013 to mitigate sanctions against Iran in exchange of partial suspension of the nuclear program by Iran.
“We will continue aggressively applying sanctions within the next six months as we will keep on working on the decision, which will make us sure that the Iranian nuclear program is carried out exceptionally for the peaceful purpose,” reads the official statement of the US Secretary of State John Carrey.—0—
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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