World Bank to Stop Financial Support for Oil and Gas Exploration

Regular measures are being taken to enhance ties between Türkiye and the Nakhchivan Autonomous Republic (NAR). The commissioning of the Igdir-Nakhchivan gas pipeline will not only diversify gas supplies to Nakhchivan but also eliminate its dependence on a single source, the Turkish Consul General in NAR, Asip Kaya,  told journalists. According to him, the construction of the Igdir-Nakhchivan gas pipeline, which was initiated by the presidents of Azerbaijan and Türkiye on September 25 last year, will be completed shortly.

The Hungarian company MVM Upstream Private Limited Company, a subsidiary of MVM Group, has opened a branch in Azerbaijan, the State Tax Service under the Ministry of Economy of Azerbaijan reported. The company’s branch was registered on August 30, 2024. The legal representative of the branch is Istvan Nemeth, a Hungarian citizen.

The Saudi Arabian company ACWA Power has founded a subsidiary in Azerbaijan called ACWA Power Technical Financial Services, the State Tax Service under the Ministry of Economy of Azerbaijan reported.

The State Oil Fund of Azerbaijan (SOFAZ) has signed a Memorandum of Understanding with “Hassana” Investment Company to explore investment opportunities in Saudi Arabia.