Germany and Azerbaijan sign 10-year gas deal
Azerbaijan’s state energy firm SOCAR has signed a 10-year natural gas supply deal with Germany’s state-owned SEFE (Securing Energy for Europe), the companies announced on Tuesday.
Vietnam and Azerbaijan plan to expand cooperation in oil exploration and production. Several energy sector agreements were signed during the recent state visit of To Lam, General Secretary of the Communist Party of Vietnam, to Azerbaijan.
Among the signed documents are agreements in the energy sector between Petrovietnam, its subsidiaries, and the Azerbaijani side, according to the statement of the Vietnam National Industry - Energy Group (Petrovietnam).
“Petrovietnam and the Azerbaijan Ministry of Economy exchanged a memorandum on oil and gas exploration and production with SOCAR, as well as agreements covering technical services and the education sector,”- the statement reads.
Additionally, Binh Son Refining and Petrochemical JSC (BSR)—a Petrovietnam affiliate—and the Azerbaijan Ministry of Economy exchanged a memorandum regarding long-term crude oil supply for the Dung Quat Oil Refinery. This agreement involves BSR, Petrovietnam Oil JSC (PVOil), and SOCAR Trading Singapore.
“Since 2009, PVOil and BSR have signed multiple agreements and contracts with SOCAR Trading SA—a SOCAR subsidiary—for the supply of Azeri crude oil to the Dung Quat refinery. Between 2010 and January 2025, SOCAR Trading Singapore, a branch of SOCAR Trading SA, has supplied 35 shipments totaling approximately 31.7 million barrels (around 4.34 million tonnes), valued at about $2.55 billion,” the statement said.
Petrovietnam also emphasized plans to strengthen cooperation in education.
“Since 2010, Petrovietnam has maintained long-term educational agreements with the Scientific-Research Institute of Oil, Gas Geotechnology, and Chemistry of Oil under the Azerbaijan National Oil Academy,” the statement continued. “Together, they have organized 27 technical training programs for Petrovietnam specialists in both countries. A new specialized training program on drilling technology is expected in Vietnam in 2025.”
Vietnamese media reported that on May 7, Petrovietnam’s delegation met with SOCAR’s leadership to discuss future cooperation.
“The parties focused on long-term oil supply for the Dung Quat refinery, collaboration in petrochemicals, joint research, and technical training,” the report stated. Petrovietnam Vice President Le Manh Cuong expressed hope that the two companies would soon form a joint working group to outline specific steps for implementing the new agreements.
Interfax reported that to Azerbaijan’s State Customs Committee, oil exports to Vietnam totaled 607,600 tonnes ($491.3 million) in 2022, 554,400 tonnes ($345.5 million) in 2023, and 138,500 tonnes ($77.9 million) in 2024.
Iranian missiles struck multiple locations across Israel and neighbouring regions early Friday morning, including a Microsoft office complex, according to emergency responders and local media reports.
Peace is no longer a dream. It is a discussion. On the streets of Baku and Yerevan, it is also a question, of trust, of foreign interests, and of who truly wants it.
Israeli strikes have reportedly targeted areas near the residences of Iran’s Supreme Leader Ayatollah Ali Khamenei and President Masoud Pezeshkian, according to the New York Times, citing local witnesses.
Azerbaijan Airlines (AZAL) has cancelled certain flights scheduled for 13th and 14th June amid recent escalation of situation in the Middle East and the closure of airspace in several countries for security reasons.
The 2025 G7 Leaders’ Summit was held June 15–17 in Kananaskis, Alberta, under Canada’s presidency. Prime Minister Mark Carney framed the meeting around priorities of protecting communities, energy and climate security, the digital transition, and future partnerships.
Germany’s producer prices dropped 1.2% year-on-year in May, in line with market expectations, largely due to falling energy prices, official data showed Friday.
The World Bank is pushing for “radical” debt transparency from developing countries to prevent future financial crises, warning that hidden debts are fueling instability.
European stock markets ended the day in negative territory following interest rate decisions by major central banks, including the U.S. Federal Reserve (Fed) and the Bank of England (BoE).
South Korea’s new administration proposed $14.7 billion in additional spending on Thursday to boost weak domestic demand, as President Lee Jae Myung pushes economic recovery as his top priority.
If the European Central Bank adjusts interest rates in the next six months, the move would likely be a cut, ECB policymaker Francois Villeroy de Galhau said on Thursday.
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