The consortium of Azerbaijani Shah Deniz gas and condensate field development produced 5.4 billion cubic meters in the first half of the year, Natural Gas Europe reported citing Azerbaijani top energy official. That figure indicates a 3.8% growth YoY. Daily production hit a new record above 30 million cubic meters. The current output was on…
The volume of trade turnover between Iran and Azerbaijan is estimated to surge by at least 80% over the current Iranian year (to end March 21), an Iranian trade official said. Considering the close diplomatic ties between Tehran and Baku and the existing plans for cooperation between the two neighboring countries, the level of trade…
The European Commission will allocate 3.5 million euros of financial aid for the project for construction of TANAP via which Azerbaijani gas will be delivered to Turkey and then to Europe, said the message from TANAP. These funds will be used to support commercial activities and the integrated facility management system. “The European Commission considered…
Azerbaijan plans to increase investments in Turkey up to $20 billion until 2018, said Azerbaijan’s Economy Minister Shahin Mustafayev. “Currently, the volume of Azerbaijani investments in Turkey totals $8 billion”, said Mustafayev. He also noted that Turkey had invested nearly $10 billion in Azerbaijan. More than 1,700 Azerbaijani companies operate in Turkey and the number…
Azerbaijan’s state oil company SOCAR will additionally produce nearly 16,500 tons of oil annually through commissioning of a new well, said SOCAR in a message. The well was put into operation at the Gunashli offshore field in the Azerbaijani sector of the Caspian Sea after being overhauled. The Gunashli field plays an important role in…
The International Bank of Azerbaijan (IBA) strengthened its positions on the payment cards market, the number of which reached 1,286,100 on July 1. For 2015, the IBA significantly improved its service quality and efficiency of its ATM network. As a result, the number of both corporate and individual clients of the bank increased. As a…
Azerbaijan imposed the laws banning production and imports of grain products received from genetically modified organisms (GMOs), according to amendments to the decree “On Grains” signed by the President of Azerbaijan Ilham Aliyev and published on July 22. In particular, the amendments to the article 6.8 of the decree prohibit the production and trading in…