SOCAR, Gazprom ink contract (UPDATE 2)

SOCAR, Gazprom ink contract (UPDATE 2)

Updated after fourth paragraph

Azerbaijan, Baku, Oct. 14 / Trend , E.Ismayilov/

On Oct. 14, in Baku, the State Oil Company of Azerbaijan Republic (SOCAR) and Russia's Gazprom signed a medium-term contract to supply the Azerbaijani gas to Russia. From Azerbaijan, the contract was signed by the President of SOCAR Rovnag Abdullayev, from Russia - Gazprom CEO Alexey Miller.

Terms of the contract envisages supplying at least 500 million cubic meters of own gas of SOCAR per year beginning from 2010.

Medium-term contract signed today between SOCAR and Gazprom envisages prolongation, the head of Gazprom Alexei Miller said after signing the document in Baku. "That's why, we call it [contract] long-term," said Miller.

During the signing ceremony, the head of SOCAR Rovnag Abdullayev said that signing the contract provides great opportunities to develop relations between Azerbaijan and Russia in this sphere, deepen cooperation both in their own markets and the markets of Europe and Asia.

According to Abdullayev, the contract involves the sale of "any gas produced in Azerbaijan. "There are plans to transport 500 million cubic meters of gas in 2010, but "this figure could be higher," said Abdullayev.

Azerbaijan has four lines transporting gas - Turkey, Georgia, Iran (swap), and after the signing of a contract between SOCAR and Gazprom today, SOCAR will be able to quickly export the excess volumes of gas to Russia, said Abdullayev.

He said that gas exports to Russia will create a possibility for SOCAR to expand its own gas program, as well as the development of gas infrastructure.

"The cost of gas [for Gazprom] is determined on the basis of a formula that is available for SOCAR," said Abdullayev.

According to the head of Gazprom, Alexei Miller, the cooperation between the sides will contribute to the economic development of Azerbaijan.

Iran, Italy to expand economic ties – FM
Iran, Italy to expand economic ties – FM
Iran's FM discussing international issues with Pope (PHOTO)
Iran's FM discussing international issues with Pope (PHOTO)
Iran's Ministry of ICT to provide free internet for presidential candidates
Iran's Ministry of ICT to provide free internet for presidential candidates
Loading Bars
Latest
Value of Iran’s exports grows
Solar panel stations launched in Iran's Kerman Province
France decreases imports of Kazakh-made foods y-o-y
Azerbaijan starts construction of infrastructure of Horadiz-Aghband railway
SMEs dominate Kazakh exports to EAEU
Azerbaijan starts work to prepare tourist routes in liberated territories
Lending via credit letters in Azerbaijan shrinks
Kazakhstan boosts imports of Turkish chemicals
Design work at Uzbekneftegaz GTL plant completed
Azerbaijan names volume, amount of oil supplies to Spain from early 2021
OMV Petrom completes selling off its subsidiaries in Kazakhstan
Preparations for 2021 F1 Azerbaijan Grand Prix nearing completion in Baku
World Bank to finance development of water services sector in Uzbekistan
Turkey doubles crude oil imports from Kazakhstan
Monday.com files for Nasdaq IPO
Armenian ex-minister of transport & communication detained
Georgia reports 1,562 coronavirus cases for May 18
Georgia sees increase in number of cattle
World Bank to assist Uzbekistan in modernization national innovation system
Turkey records 4M2021 decrease in number of labor migrants to Azerbaijan
Azerbaijan working on introduction of AI in public administration system
Kazakhstan's revenue from passenger air transport increases
Azerbaijan discloses 4M2021 data on gas exports to Turkey
Turkmenistan considering possibility of expanding co-op with transport companies of Russia’s Tatarstan
UK company eyes projects on territory of free economic zones of Uzbekistan
No new oil, natural gas fields required amid net-zero emission activity– IEA
Uzbekistan to use Hungarian experience to stimulate socio-economic dev’t of several regions
Georgia, Ukraine pledge to enhance co-op on path to Euro-Atlantic integration
Kazakhstan boosts exports to Spain despite COVID-19
Net-zero emissions to require huge amounts of new infrastructure
Kazakhstan announces 4M2021 investments attracted amid economic recovery
Turkey reports increase in 4M2021 clothes exports to Kazakhstan
Prices of precious metals in Azerbaijan grow
Belarusian Defense Minister arrives in Azerbaijan on official visit
Azerbaijan issues data on oil exports to Italy for 4M2021
Kazakhstan’s Oil Construction Company opens tender to buy pipes
Banks in CIS region vulnerable to high credit risks - S&P
Iran Tobacco Company discusses cigarette market
Turkey discloses 1Q2021 volume of cargo shipment via Botas port
Turkmenistan, Kyrgyzstan interested in expanding partnership in various sectors
Georgia sees increase in wine export
Azerbaijan sees increase in oil prices
Azerbaijani currency rates for May 18
Iranian currency rates for May 18
UAVs conducting reconnaissance during Azerbaijan's military exercises (VIDEO)
World Bank to assist Uzbekistan in dev’t of strategy for promotion export products
Qatari company eyes to co-op with Uzbekistan in creation of modern greenhouses
US Lawmakers Introduces Resolution To Support India During Covid Crisis
Digital twins becoming integral part of oil & gas operations
India Inc's foreign investment jumps over two-folds to $2.51 bn in Apr'21
Indian FDI hits all-time high in FY21; forex reserves jump over $100 bn
Uzbekistan’s 1Q2021 share of small business in industrial production revealed
Central Bank of Iran injects liquidity into banks
Sputnik V's Limited Rollout Begins In Hyderabad, Visakhapatnam Tomorrow
Immediate de-escalation need of the hour: India on escalating tensions between Israel and Gaza
Second batch of Russian Covid-19 vaccine reaches Hyderabad
Uzbek-Chinese JV opens tender for material for repairing defect in main gas pipeline
Biggest-ever consignment of over 3,600 oxygen concentrators lands in Delhi from China
Will Keep Providing Assistance To India In Fight Against Covid: US
India’s Covid-19 2nd wave ‘slows’
Russian, Chinese leaders to attend ceremony to build nuclear energy project
Air raid sirens sound in southern Israel
TAP offering three expansion scenarios
Uzbekistan reveals COVID-19 data for May 18
Oil rises as U.S., Europe reopen economies
Georgian ATC launches new projects
Baku one of most beautiful, warmest cities - famous Kazakh writer Olzhas Suleimenov
TAP reveals gas transportation volume since start
US presidential advisor phones Azerbaijani president
U.S. gas stations still shut, prices at 7-yr high in slow recovery from cyberattack
Georgia introduces new tax initiatives
Georgia, China discuss prospects for further deepening cooperation in various fields
Georgia, Ukraine and Moldova to boost security and defense co-op with EU
Finland offers Azerbaijan knowhow in ports industry
Georgia may adjust budget for 2021 - Minister of Finance
Georgia plans to revise its 2021 economic growth forecast
Tourism in Georgia recovering faster than expected - Minister
DSK Bank provides short-term loan for IGB
Georgia plans to open land borders
USAID, Gazelle Finance to allocate funds for Georgian SMEs
MTBS to update business model for Georgian Anaklia deep seaport project
TAP launches binding phase of its market test
Aide to Azerbaijani president met with EU Commissioner
Amazon considering buying MGM Studios
US, EU to start talks on steel tariffs imposed during Trump administration
Int'l consulting company MTBS to update freight forecast, business model for Anaklia project
Turkey’s budget balance posts $772 mln surplus in Jan-April
Managers of Kazakhstan’s large companies expected to arrive in Tajikistan
$1.7bn contract signed with local co. to develop Farzad B
Honeywell says Industry 4.0 to enable quick return to growth post-COVID (INTERVIEW)
Brunei imposes int'l travel ban to 4 more countries
US residential energy use falls 4 pct in 2020 - EIA
Biden administration approved $735 million arms sale to Israel
Int'l transactions in securities generate net fund outflow from Canada in March
Portuguese scientists create bactericidal varnish
UN agency to provide 706,000 USD to help South Sudan farmers reduce COVID-19 impact
Italy shortens COVID curfew, eases other restrictions
Aeroflot removes all June tickets to Turkey from sale except for two flights - airline
Ryanair posts record annual loss, hopes to break even this year
Turkey reports over 10 170 COVID-19 cases
All news