Iran and Azerbaijan expected to sign preferential trade pact soon

Alireza Peyman-Pak, Deputy Minister of Industry, Mine and Trade and Head of the Trade Promotion Organization of Iran (TPOI), stated that Iran and Azerbaijan would soon sign a preferential trade deal. The two parties are still discussing the deal, according to Peyman-Pak.

Earlier, representatives from the two nations met to discuss preferential trade, and the two sides agreed on a list of items to be exchanged under the agreement, according to the deputy minister. 52 categories of items will be imported and exported between Iran and Azerbaijan under this trade agreement.

According to the Islamic Republic of Iran Customs Administration (IRICA), Iran's commercial turnover with Azerbaijan for the previous Iranian year (March 21, 2021, to March 20, 2022) was roughly 852,000 tonnes worth about $608 million.

When compared to the previous Iranian year, the value of commerce between the two nations surged by 93% (March 20, 2020, through March 20, 2021).

Azerbaijani gas reaches maximum volumes in Europe

The Trans Adriatic Gas Pipeline (TAP), which supplies Azerbaijani natural gas from the Caspian Shah Deniz field to Europe, has reached its maximum capacity over the past few days. This was written by the CEO of the TAP AG consortium, Luca Schieppati, on Twitter.

According to him, this amounts to 33 million cubic meters per day, which averages about 12 billion cubic meters of gas per year. Schieppati claimed that 10.5 billion cubic meters of these volumes would be transported to Italy. “The long-term goal is to double the capacity of the pipeline. In this regard, the support of the European Commission and the Italian government is important,” said the CEO of TAP AG.

The TAP AG consortium has previously indicated that it is considering three scenarios for increasing the capacity of the pipeline: limited - up to 14.4 billion cubic meters, partial - up to 17.1 billion cubic meters and full - up to 20 billion cubic meters per year.

President of Azerbaijan and Minister of Industry of UAE discussed establishment of joint ventures

President of Azerbaijan Ilham Aliyev received Sultan Ahmed Al-Jaber, the Minister of Industry and Advanced Technologies of the United Arab Emirates, Managing Director of the Abu Dhabi National Oil Company, Special Representative of the UAE for Climate Change, and Chairman of Masdar. 

"During the meeting, Aliyev said that given the high level of political relations between our countries, the establishment of joint ventures, identification of investment opportunities and the implementation of a future joint economic agenda, including participation in various projects, can serve to maximise existing potential," the statement said. 

In turn, Al Jaber stressed that the Crown Prince of the United Arab Emirates Mohammed bin Zayed Al Nahyan praised the development of relations between Azerbaijan and the UAE and underscored the importance of these relations and intends to further strengthen their partnership.

Azerbaijan has begun exporting carbamide to India

According to the Economy Ministry, residents of the Sumgait Chemical Industrial Park, which is under the control of the Economic Zone Development Agency, are increasing the geography of their exports.

For the first time, the State Oil Company's carbamide factory, which is located in the Sumgait Chemical Industrial Park, has shipped carbamide fertilisers to India. During the first stage, the plant's product exports topped 5,000 tonnes. It is worth noting that the SOCAR carbamide facility, which was completed in 2019, plays an essential role in reducing Azerbaijan's reliance on nitrogen fertiliser imports while also satisfying the demands of local farmers.

The plant's goods are now exported under the Made in Azerbaijan name to Brazil, Georgia, Turkey, Moldova, Romania, Italy, Bulgaria, and other countries.

Serbia plans to start receiving natural gas from Azerbaijan in 2023

Serbia plans to start receiving liquefied natural gas (LNG) from Greece, as well as natural gas from Azerbaijan, from September 2023, Deputy Prime Minister and Minister of Mining and Energy Zorana Mihajlovic said. According to her, the country's authorities want to reduce dependence on supplies from Russia.

Mihajlović explained that it would be possible to increase gas supplies thanks to the Nish-Dimitrovgrad gas pipeline, which will connect Serbia with Bulgaria. It is planned to be completed next year. The minister noted that currently Belgrade "depends on one supplier," meaning Russia. “We cannot know exactly what the gas price will be, because tectonic shifts are taking place in the market, and the question is what price we can agree on in negotiations with Gazprom, but it will definitely not be the same as before,” Mihajlovic said.