Azerbaijan, Baku, Feb. 4 / Trend, A. Akhundov /
State Oil Company of Azerbaijan (SOCAR) and the World Bank (WB) today signed an administrative agreement on the fourth phase of cooperation between the company and the Global Gas Flaring Reduction Partnership (GGFR) today.
The agreement was signed by SOCAR vice-president on environmental issues Rafiq Huseynzade and WB manager on Azerbaijan Larisa Leshchenko.
It was stressed during the signing ceremony that SOCAR managed to collect and deliver more than 500 million cubic meters of gas to consumers, by preventing the release of 8 million cubic meters of carbon dioxide following project implementation.
GGFR will continue cooperating to reduce associated gas flaring volume, as well as a dialogue with SOCAR on possibly using associated gas extracted from Azeri-Chirag-Gunashli (ACG) within a new phase of cooperation. Moreover, GGFR will support SOCAR and the Ecology and Natural Resources Ministry to develop legislative and regulatory mechanisms to reduce the gas flaring volumes.
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