BAKU, Azerbaijan, Nov. 20
By Khagan Isayev – Trend:
Azerbaijan and Russia have reached an agreement on the exchange of detailed information on projects to be implemented in Azerbaijan by Russian companies.
At a meeting in Baku on November 19, Deputy Energy Minister of Azerbaijan Elnura Soltanova and Director of the Department of International Cooperation and Licensing in Foreign Trade of the Ministry of Industry and Trade of Russia Roman Chekushov were invited to participate in energy projects in Azerbaijan as investors.
In addition, this week it was reported that natural gas production in Azerbaijan in 10M2021 exceeded 35.7 billion cubic meters, including commercial gas - 26.4 billion cubic meters. Oil production in Azerbaijan (excluding condensate) in October 2021 amounted to 0.59 million barrels per day, remaining unchanged compared to September
It was also reported that hydropower plants (HPPs) of Azerbaijan in 10M2021 produced over 1.081 million kilowatt-hours of electricity, which is 159.1 million kilowatt-hours, or 17.2 percent more than in the same period last year.
Also, the production of oil products in Azerbaijan in 10M2021 in value terms increased by 44.17 percent, or 1.113 million manats ($654,898) compared to the same period last year - up to 3.634 million manats ($2.1 million). During this period, Azerbaijan exported over 14.365 billion cubic meters of gas via the Baku-Tbilisi-Erzurum pipeline, which is 45.84 percent more than the same period last year.
In addition, this week the State Oil Company of Azerbaijan (SOCAR) denied reports on the acquisition of 30 percent of the shares of Turkish TUPRAS by SOCAR, which is a subsidiary of Koc Holding.
It was also reported that the Russian LUKOIL is in talks to increase its share in the project to develop the Azerbaijani Shah Deniz gas condensate field.
"There is a consortium in the project, which has a preemptive right, so there is an agreement. We have joined two new projects, i.e. Zhenis and Al-Farabi and we have some initiatives," president of the company Vagit Alekperov said.
In addition, this week Turkish Harsan Tanker Trailer announced plans to establish cooperation with Azerbaijan in the energy sector.
"Harsan Tanker Trailer is engaged in the commissioning of refinery units, pipelines, as well as the construction of storage facilities. As Azerbaijan is an oil and gas country, we are interested in investing in this sphere. Our goal in Azerbaijan is to establish partnership with local energy companies,” sales and marketing manager of the company Omer Mican said.
It also became known that against the background of the development of renewable energy sources, the European Bank for Reconstruction and Development (EBRD) is actively involved in supporting Azerbaijan's decarbonization program. Currently, the bank is helping to implement Azerbaijan's efforts to launch the first tenders for projects in the field of renewable energy through competitive auctions and the development of a regulatory framework for projects in the field of renewable energy.