Subscribe Rss
IN RUSSIAN
News › Economy

Economy

Wed, 01/12/2011 - 13:08

Azerbaijan, Iran sign gas contract

The State Oil Company of the Azerbaijani Republic (SOCAR) and the National Iranian Gas Exporting Company (NIGEC) have signed a long-term contract in Baku on Wednesday. Azerbaijan will supply Iran with gas. The contract has a 5-year term. Azerbaijan will provide Iran with 1 billion cubic meters of gas in 2011. The figure will increase in the coming years, Trend reports.


SOCAR is working on improving the efficiency of its gas compression station in Astara. The gas pipeline from Azerbaijan to Iran will be reconstructed, followed by contracts on long-term gas supplies and their increase to 3-3.5 million cubic meters daily, instead of 1.2 million cubic meters.


Azerbaijan and Iran are connected with the Gazi-Magomed-Bind-Biand pipeline, which is 1474.5 km long, with 296.5 km on Azerbaijani territory. It is a branch of the Gazakh-Astara-Iran pipeline launched in 1971. There are three compression stations: in Gazi-Magomed, Agdash and Gazakh. The pipeline diameter is 1200mm.


Iran and Azerbaijan signed two memorandums on expansion of cooperation in gas supplies and electricity. The memorandums were signed within the framework of the visit of President Mahmoud Ahmadinejad to Baku.

Read also

Iran and Azerbaijan stress bilateral ties

Wed, 05/09/2012 - 14:05

Iranian foreign minister Ali Salehi has recently met with Azerbaijani deputy foreign minister Khalaf Khalafov. The parties stressed that bilateral coopeartion in various fields is mutually important.

Many unfinished issues remain on status of Caspian Sea

Fri, 04/06/2012 - 14:14

There are a lot of issues which need improvement on the legal status of the Caspian Sea, Azerbaijani Deputy Foreign Ministry Khalaf Khalafov believes.

Turkey seeks boost in border trade with Azerbaijan, Iran and Iraq

Mon, 02/20/2012 - 09:52

Turkish Minister for Construction and Development Cevdet Yilmaz urged businessmen and entrepreneurs to expand trade with neighbor states. Yilmaz said in the Van Province that border trade is essential for economic development of the region, 1news reports.The official noted Iran, Azerbaijan and Iraq as main subjects to trade with. The process will need new border posts and improvement of their functioning.

Gas supply from Shah Deniz to be restored today

Tue, 02/07/2012 - 12:58

 Gas supply from Shah Deniz is to be restored today, APA reports.Tamam Bayatly, press secretary of BP-Azerbaijan, said that maintenance works had started at 4 pm yesterday.25 million cubic meters of gas are extracted at the field daily. Turkey has recently stopped supplying Greece with gas after an incident.

Azerbaijan believes in regional cooperation - La Republica

Wed, 02/01/2012 - 16:30

 Azerbaijan is interested in effective cooperation with Turkey and Iran, Federico De Renzi writes in an article published by the Italian newspaper La Republica.Azerbaijani-Iranian relations are very good, as evidenced by the number of Iranian tourists visiting Azerbaijan, he says.

Iran sanctions 'will not harm' Russian railway projects

Tue, 01/24/2012 - 09:48

EU sanctions against Iran would not harm the realization of railway projects, President of the Russian Railways Vladimir Yakunin said, RIA Novosti reports.Foreign ministers of 27 EU states met in Brussels on January 23 and approved the embargo on Iranian oil exports. The new package of sanctions includes a gradual ban on imports of petroleum from Iran. The embargo will come into full force on July 1.

Sturgeon fishing to be banned for 5 years in Caspian Sea

Wed, 12/14/2011 - 12:11

The 32nd session of the Commission for Caspian Biological Resources will focus on sturgeon fishing and quotas for 2010-2011 and 2012, 1news.az reports.

Iran hopes Caspian Sea's legal status will be defined soon

Tue, 12/13/2011 - 18:43

Iran hopes that the legal status of the Caspian Sea will be defined soon, Trend cites Iranian news agency SHANA as saying.That was announced by Iranian Foreign Ministry spokesman Ramin Mehmanparast. He said that the parties have to come to an agreement on almost all issues surrounding the Caspian Sea's status.
twitter facebook rss

Archive