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Petroleum / Mining in Azerbaijan

  • AzerGold sets new targets for future

    AZERBAIJAN, 2015/02/12 Gold remains as one of the brighter spots in the commodities market today given the instability in the world oil market and slowing economic forecasts of the international financial institutions. In view of the rising challenges, energy-rich Azerbaijan seeks to develop its export opportunities and bring to market new products, and here gold can be an extra real good for export. Azerbaijan, in addition to the well-known oil and gas deposits, has rich deposits of other natural recourses, as gold. Geological expeditions have confirmed the Vejnali quartz-gold field in Zangilan and of the Gizilbulag gold-copper-pyrite deposits in Karabakh , which is under Armenian occupation. There are as well reserves in Agyurd, Piyasbashi, Shakardara quartz-gold deposits in the Ordubad region, Agduzdag quartz-gold deposit in Dalidag, Gedebey copper-gold-pyrite and Gosha gold deposits in Gedabay.

  • baku, Tirana sign gas deal

    ARMENIA, 2014/12/21 Baku and Tirana have signed a memo on cooperation in the development of a master plan for Albania’s gasification. The memorandum was signed as part of the Azerbaijani delegation’s visit to Albania, which included Energy Minister Natig Aliyev, Deputy Foreign Minister Khalaf Khalafov and SOCAR chief Rovnag Abdullayev, Azerbaijan’s national energy company SOCAR reported. The members of the Azerbaijani delegation have today met with Prime Minister of Albania Edi Rama, Speaker Ilir Meta and Minister of Industry and Energy Damian Gjiknuri.

  • Gold producer finishes half-year of 2014 with losses

    AZERBAIJAN, 2014/09/25 Anglo Asian Mining plc, a company involved in the extraction of precious metals in Azerbaijan, finished the initial half of 2014 with losses. The pretax loss of the company increased from $4.2 million at the same period of last year to $7.5 million as of June 30, 2014. A statement by the company said, Anglo Asian Mining\'s revenue for the initial half-year was estimated at $32.7 million, while during the same period of 2013, the revenue reached to $27.6 million. Sale\'s revenue of the company amounted to $33.5 million and gross loss to $800,000. The net deficit of the company reached $46.1 million.

  • Turkish Energy Minister Taner Yildiz

    AZERBAIJAN, 2014/06/10 Turkey does not plan to increase its stake in Azeri-Turkish Trans Anatolian Natural Gas Pipeline Project (TANAP), Turkish Energy Minister Taner Yildiz said. In the sidelines of a signing ceremony of SOCAR's Star Refinery's $3.3 billion credit in Istanbul, Yildiz stated that Turkey will keep its 30% stake in TANAP. "The share in TANAP is sufficent for Turkey. We're not planning to change our share in TANAP before it become operational in 2018." In late last month, Energy Minister Taner Yildiz and Azerbaijani Energy Minister Natig Aliyev signed an agreement in Istanbul on increasing Turkey's share in the TANAP project up to 30%. Azerbaijan's National Oil Company (SOCAR) sold 10% out of its 80% share to the Turkish national-owned BOTAS pipeline company. Following deals with BP - major shareholder in Shah Deniz - and BOTAS, the stake of SOCAR in TANAP will stand at 58%.

  • UGE-Lancer joins EITI implementation process in Azerbaijan

    AZERBAIJAN, 2013/01/25 UGE-LANCER PTE.LTD became 32nd extractive sector company that joined Memorandum of Considerate on implementation of the Extractive Industries Transparency Initiative in Azerbaijan by signing the Instrument of Accession to MOU on January 21, 2012. UGE-LANCER PTE.LTD will submit the 2012 EITI statement on payments to the government of Azerbaijan (17th EITI statement).

  • The State Oil Fund of Azerbaijan has bought 100% share in Tverskaya 16.

    AZERBAIJAN, 2012/12/27 The State Oil Fund of Azerbaijan has bought 100% share in Tverskaya 16. Along with it, SOFAZ also bought its only asset-the trade and business center Gallery Actor in Moscow. According to SOFAZ, the amount of the deal made $133m.
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