When asked by journalists why does Azerbaijan need to import Russian gas, SOCAR President Rovnag Abdullayev said that SOCAR has already submitted its proposals on Russian gas purchase to Russian Gasprom company.
He said that Azerbaijan is interested in purchase of Russian gas, because it has required infrastructure to import up to 3 bcm of gas.
Abdullayev explained that Azerbaijan needs imported gas to solve several issues. First of all, during the oil extraction both SOCAR and the consortium operated by BP pump certain volume of associated gas into the oil wells to maintain bed pressure and the remaining volume is handed over to the country. The less gas is used, the more oilmen could use to pump into the oil wells to increase production performance. Oil price is always much higher, than gas price. Therefore, such an approach suits all business partners.
Secondly, after the upgrade possibilities of the Azerbaijani gas storages have expanded and now they are able to store more than 5 bcm of gas. Azerbaijan itself pumps no more than 3.3-3.5 bcm of gas. “Thus, we have been negotiating with Iran. In summer Iran has a big volume of gas, which is not used. The peak season of gas consumption in Iran is winter time. We have been negotiating to pump Iranian gas into our gas storages to supply northern regions of Iran with gas in winter time,” Abdullayev added.—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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