Azerbaijan holds strong position in field of renewable energy sources - SOCAR

Economy Materials 22 November 2023 12:06 (UTC +04:00)
Azerbaijan holds strong position in field of renewable energy sources - SOCAR
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, November 22. Azerbaijan has a very good position in the field of renewable energy sources, SOCAR (State Oil Company of Azerbaijan) Vice President's Advisor Mustafa Gurbanli said at the SPE (Society of Petroleum Engineers) Caspian Technical Conference in Baku, Trend reports.

"But the key question now is where we stand in terms of Azerbaijan and SOCAR, as the largest oil and gas company. The government of Azerbaijan has committed to reducing greenhouse gas emissions by 35 percent by 2030 and further cutting them by 40 percent by 2050," he reminded.

"Moreover, Azerbaijan has strategically decided to increase renewable energy production by 30 percent by 2030. This is a crucial decision made by the Azerbaijani government, and SOCAR, as one of the largest companies in the region, is following the government's pace," the official noted.

According to him, to achieve these goals, SOCAR is focusing on three main directions.

"The first is decarbonization. We are implementing a comprehensive decarbonization program in all the areas where we operate. Secondly, we are investing in new types of businesses. SOCAR collaborates with major companies in the renewable energy sector and aims to create new businesses, such as wind, solar, hydrogen, and carbon utilization," Gurbanli explained.

"Thirdly, it's organizational transformations. Currently, SOCAR is in the process of transitioning, changing its structure, and optimizing the integrated management system. These are the directions we have chosen in our strategy: decarbonization programs, investment in renewable energy sources and hydrogen infrastructure aimed at electrification and transformative programs, as well as all the advanced technologies that will help us achieve the energy transition," he added.

The SPE Caspian Technical Conference started on November 21 in Baku and will continue until November 23. It will bring together global industry leaders and technical experts to share perspectives on the industry and address the unique challenges and opportunities it presents.

Taking into account the key role of the Caspian region in shaping future global energy dynamics, this conference, organized with the assistance of SOCAR, will feature an expert-selected high-level program, panel discussions on key issues facing the region, and a unique opportunity for networking with experts in oil and gas production.

The program will include an assessment of the current situation and offer important discussions for investors, operators, service company representatives, and government authorities in the region.

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