Nigeria makes official bid to host Formula 1 Grand Prix in Abuja
Nigeria has submitted a formal bid to host a Formula 1 Grand Prix, in what officials are calling a landmark effort to place the country on the global ...
Hungary's MOL Group and SOCAR have signed key terms for an exploration, development, and production sharing agreement for a new onshore area covering the Shamakhi-Gobustan regions of Azerbaijan.
The agreement was signed during the Baku Energy Week.
"The Shamakhi-Gobustan joint exploration project will not just be a great addition to our international production portfolio but it will be an important puzzle to securing Central-Europe’s energy supply. We will have the flexibility to decide to sell or to ship the oil produced to MOL Group’s core region to contribute to the security of energy supply” – said Zsolt Hernádi, Chairman and CEO of the MOL Group in the company's statement.
He added that the new agreement builds on the momentum of the earlier cooperation and reflects the parties’ shared commitment to expand their collaboration in Azerbaijan’s upstream sector.
MOL will be the operator and hold a 65% stake in the project, while SOCAR will own the remaining 35%, the company said.
The finalization of a fully termed exploration, development, and production sharing agreement remains subject to further negotiations and regulatory approvals.
MOL Group entered the Azerbaijani market in 2020 by acquiring a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) field—one of the world’s largest oil fields—as well as an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline, which transports crude oil to the Mediterranean port of Ceyhan. As of 2024, these assets represent 14% of MOL’s total production and 25% of its total reserves.
The BTC pipeline plays a key role in supplying oil to MOL Group’s refineries in Central and Eastern Europe. To date, 15 million barrels of crude oil have been transported from the ACG field through the BTC pipeline and shipped to MOL Group’s refineries, including Slovnaft in Bratislava and INA’s Rijeka Refinery.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
Saudi Arabia announced $6.4 billion of investments in Syria on Thursday, reflecting the kingdom's deepening ties with interim President Ahmed al-Sharaa's government as it seeks to rebuild Syria after a 14-year civil war.
The Central Bank of Azerbaijan has reduced the refinancing rate from 7.25% to 7%, the interest rate corridor floor from 6.25% to 6%, and the ceiling from 8.25% to 8%.
Inflation is when prices rise, reducing the purchasing power of your money. When it happens slowly, it’s manageable. But when it surges, it can disrupt savings, wages, business planning, and economic growth. That’s when central banks step in.
Spy cockroaches, tank-like AI robots, and battlefield drones are at the heart of Germany’s ambitious plan to reinvent warfare, as Europe ramps up defence spending in response to Russia’s invasion of Ukraine.
The announcement triggered a sharp rally in Japanese equity markets. Shares in major automakers surged: Toyota rose over 14%, Honda gained 11%, while Mazda and Subaru both advanced more than 17%. Japan’s Topix index closed up 3.2%. The yen weakened slightly, trading at ¥146.8 against the dollar.
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