Azerbaijani oil supplies will greatly reduce dependence of Ukraine’s oil refining complex on Russian oil, the Ukrainian Ministry of Energy and Coal Industry Igor Nasalik said. The protocol of intent on the supply of Azerbaijani oil to the Kremenchug refinery has been recently signed by Ukrtransnafta OJSC and Ukrtatnafta PJSC. The cooperation on the oil…
Azerbaijan will launch the construction of several pharmaceutical plants soon, Shahin Mustafayev, Azerbaijani minister of economy, reported. Mustafayev added that at present, Azerbaijan was holding talks on the cooperation in field of pharmaceutics with a number of countries. “The talks on joint medication production are being held with Iran, Turkey and a number of European…
The Azerbaijani-Russian joint pharmaceutical plant will come to full production capacity in 2020, Azerbaijan’s Economy Minister Shahin Mustafayev said. He made the remarks during the plant’s groundbreaking ceremony in the Pirallahi Industrial Park. This is Azerbaijan’s first pharmaceutical plant, said the minister, adding that a 10% share in the joint venture would be owned by…
A need will emerge to transport oil from Kazakhstan’s Kashagan field through Azerbaijan when Phase 2 of the field’s development starts, the press service of the Kazakh Energy Ministry reported. Production at the Kashagan field started in October. Several years will be needed for it to enter the second phase of development, although the exact…
Belarus’ chemical company OAO Grodno Azot said its nitrogen fertilizer exports reduced by 16.2% YoY in January-August 2016 to 215,700 tons (in terms of 100% nitrogen), a source in the profile ministry reported. In money terms exports shrank by 38.6% YoY to $94.934 million. The expert attributes shrinking proceeds to the decline in fertilizer prices.…
Residents of the Sumgait Chemical Industrial Park (SCIP) will start production in 2017-2018, Azerbaijan’s Deputy Economy Minister Niyazi Safarov reported. Safarov said that one of SCIP’s biggest residents SOCAR Polymer would begin test production in the second half of 2017 and would reach its full production capacity in 2018. The creation of industrial zones is…
Public joint-stock company Ukrnafta saw 427 million UAH of net profit in January-September, down by 89.5% YoY, the company has said in a report. According to Board Chairman Mark Rollins, the indicator for January-September should be revised for the correct calculation of the profit pace. The cross clearing transaction is to be taken into account;…