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Baku/05.02.21/Turan: On February 3 this year, following the results of the arbitration process conducted in accordance with the rules of the United Nations Commission on International Trade Law (UNCITRAL), a decision was made in favor of Azərbaycan (AÇG) Limited, a SOCAR source reports.
It was noted that according to the decision of the London Court on the third arbitration case between the SOCAR group and companies belonging to the Palmali group, Azərbaycan (AÇG) Limited should be paid monetary compensation in the amount of over $ 132 million. This was the last of three arbitration cases initiated in the lawsuit of companies belonging to the SOCAR group against the Palmali group and Mubariz Mansimov.
Thus, three independent trials, conducted in accordance with the arbitration rules of the London International Arbitration Court, the London Association of Maritime Arbitrators and UNCITRAL, ended in favor of the SOCAR group. Palmali's retaliatory claims were rejected, and a decision was made to pay SOCAR compensation in excess of a total of $ 240 million. –0
Energy
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From January to May 2024, Azerbaijan imported 616.2 thousand tons of oil Russia, a third more compared to last year, Interfax reports. In monetary terms, the cost of imported Russian oil has also risen by almost a third — to $339 million. In total, Azerbaijan purchased 742.3 thousand tons of black gold in the first five months of this year (+18% compared to January-May 2023) for $416 million. Thus, Russia's share in Azerbaijani crude oil imports amounted to 83%.
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1.11 billion barrels of oil were produced from the “Central Azeri” platform, commissioned in February 2005, as part of the full-scale development of the Azeri-Chirag-Guneshli (ACG) field, by July 1, 2024, the State Oil Company of Azerbaijan (SOCAR), which has a 25 percent share in the ACG project.
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Yesterday, Azerbaijani Economy Minister Mikail Jabbarov held a meeting with Ahmed Moalim Figi, Somali Minister of Foreign Affairs and International Cooperation. They discussed issues related to bilateral economic relations between the countries and potential partnership opportunities in the energy sector. The parties stressed the expediency of establishing mutually beneficial economic ties between the two countries, expanding the contractual and legal framework in order to support the development of relations, as well as exchange of experience in areas of mutual interest.
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Azerbaijani gas supplies to Serbia may be increased in the foreseeable future, the parties are currently discussing this issue, the Minister of Labor and Social Protection of the Population of Azerbaijan Sahil Babayev told journalists.
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