State Oil Fund of Azerbaijan (SOFAZ) still did not allocate $696.1 million to fund construction of the first 6th generation of floating semi-submersible drilling rig in Azerbaijan.
SOFAZ reported that total cost of the project is $1,116,700,000. In 2015 SOFAZ allocated $287.6 million for construction of the 6th generation semi-submersible floating drilling rig.
In 2014 SOFAZ allocated $192.9 million to fund construction of the drilling rig.
Why is cost of construction of the drilling rig so high? SOCAR reported that it is been designed by an individual order (after upgrade the drilling rig could be upgraded to the 7th generation) and will be used to drill wells on the sea depth of 1000 meters and with a record depth of 12,000 meters.
Azerbaijan Rigs LLC was created to order construction of the 6th generation drilling rig in Azerbaijan, in which 90% shares are owned by SOFAZ and 10% by SOCAR.
In June 2013 Caspian Drilling Company, SOCAR’s daughter company in charge of offshore drilling, and Singapore Keppel Fels signed the contract to build the 6th generation drilling rig. Construction is done by Keppel Fels in Baku. The construction must be completed within 41 months.—0-
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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