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Day: May 3, 2024
The United States on Wednesday unveiled nearly 300 new sanctions on international supplies of military equipment technology to Russia, according to Azerbaijan in Focus, reporting Turan.
The sanctions focus on Moscow’s military-industrial base, as well as companies and people in third countries helping Moscow obtain what it needs for weapons production.
“The almost 300 targets being sanctioned by both the Treasury and the Department of State include sanctions on dozens of actors that have enabled Russia to acquire desperately needed technology and equipment from abroad,” the Treasury Department said in a news release.
Those countries include Belgium, China, Slovakia, Turkey and the United Arab Emirates, as well as Azerbaijan.
In particular, in Azerbaijan, the Treasury Department targets the so-called “Aliyev Procurement Network”.
“Yevgeni Aliyev is a procurement agent coordinating a network of intermediaries that places orders on behalf of Russian end-users with close ties to the Russian miliary. Aliyev’s procurement network includes Lahic Energy Mahdud Masuliyyatli Camiyyati (Lahic Energy), GMM FZE, and GMM Management DMCC (GMM Management),” reads the Treasure Department’s readout.
“Lahic Energy is an Azerbaijan-based entity that has sought to conduct business on behalf of U.S.-sanctioned Russian technology producers in 2023. GMM FZE and GMM Management are UAE-based entities that sought to conduct business on behalf of U.S. sanctioned Russian technology producers in 2023. Jahangir Yevgenyevich Aliyev (Jahangir Aliyev) is the director of Lahic Energy and is the son of Yevgeni Aliyev”.
Yevgeni Aliyev was designated pursuant to E.O. 14024 for operating or having operated in the defense and related materiel sector of the Russian Federation economy. Lahic Energy, GMM FZE, GMM Management, and Jahangir Aliyev were designated pursuant to E.O. 14024 for operating or having operated in the technology sector of the Russian Federation economy.
The US. sanctions on Wednesday came as Russia has reportedly ordered up a massive new tranche of weapons in the wake of the U.S. aid package to Ukraine.
The Treasury Department also targeted those involved in providing precursor materials to Russia used in explosives.
The post U.S. Imposes Sanctions On Companies In China, Azerbaijan, Türkiye And More For Support Of Russia’s War In Ukraine appeared first on Azerbaijan In Focus.
In May, it is projected that Azerbaijani natural gas supplied through the Bulgaria-Greece Interconnector (IGB) will account for 76.6% of Bulgaria’s domestic demand, according to Azerbaijan in Focus, reporting Azernews.
According to the information provided by the Energy and Water Regulatory Commission (EWRC) of Bulgaria, the long-term gas contract with Azerbaijan, which is indexed to international oil prices rather than gas hub prices, plays a role in “achieving favorable prices.”
As stated by the regulator, the remaining portion of gas for household consumption is provided by Bulgargaz, the state gas company, through a contract for the supply of liquefied natural gas (LNG).
The Bulgarian regulatory authority for public services, EWRC, has approved a 7% reduction in the regulated gas price for May, setting it at 54.7 leva (equivalent to 30 US dollars) per MWh. Transportation costs, excise taxes, and value-added tax are excluded from this price.
Although the regulator did not specify the reason for the price decrease following a slight increase in April, it mentioned considering price trends in international gas markets.
It’s worth noting that the Greece-Bulgaria gas pipeline was put into commercial operation in October 2022. The IGB aims to transport “blue fuel” produced within the framework of the second stage of exploitation of the “Shah Deniz” gas-condensate field in the Azerbaijani sector of the Caspian Sea to Bulgaria. The state company “Bulgargaz EAD” has signed a contract with the “Shah Deniz” consortium for the supply of 1 billion cubic meters of gas from the “Shah Deniz-2” field.
The total length of the pipeline, which passes through 150 kilometers of Bulgarian territory, is 182 kilometers. It is expected to have an annual transportation capacity of 3-5 billion cubic meters.
Here poses questions:
Given that it is predicted to cover 76.6 percent of Bulgaria’s domestic consumption in May, how important is Azerbaijan’s role in supplying Bulgaria with gas?
The regulator noted the price trends in the international gas market to lower the gas price. However, knowing the sensitivity of Azerbaijan’s gas prices to global market dynamics, especially fluctuations in energy markets makes great sense.
Head of the Innovative Economic Research Center of Azerbaijan Technical University, professor, economist Elshad Mammadov stated that establishing cooperation in the direction of gas supply with Azerbaijan is quite beneficial for the foreign trade partners.
“This is because of Azerbaijani gas is transported via pipelines, as is well known. The price of gas transported through pipelines is traditionally more favorable compared to liquefied gas, and this determines significant advantages for foreign trade partners in cooperation with Azerbaijan. At the same time, Azerbaijan has proven itself as a reliable, durable trading partner. All agreements related to Azerbaijani gas supply bear the signature of the state, and I believe that the signature of the Azerbaijani state is widely accepted in the global arena, demonstrating its reliability and durability,” Elshad Mamadov noted.
According to him, furthermore, Azerbaijan prioritizes durable, long-term trade cooperation in its relevant agreements in the energy sector, which undoubtedly promises great opportunities for foreign trade partners.
“Therefore, I consider that Azerbaijan’s cooperation in the energy sector, whether with Bulgaria or other countries in the foreign trade sector, is developing along a promising trajectory, contributing to the formation of economic processes in those countries.”
Economist thinks that Bulgaria is not a major gas consumer to that extent.
“There has been a significant decrease in the share of industrial enterprises in recent decades. Nevertheless, gaps in European energy policy today encourage many European countries, including Bulgaria, to return to traditional energy carriers. And Bulgaria is undoubtedly among them. This is because Bulgaria faces quite serious problems and challenges regarding its energy supply. Cooperation with Azerbaijan should be further emphasized with the exploitation of the interconnector, and I believe that not only Bulgaria but also several other European countries will witness the deepening of their cooperation with Azerbaijan in the near future in terms of gas supply,” Mammadov concluded.
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