...

Weekly review of Azerbaijan's oil & gas sector

Economy Materials 27 November 2021 10:24 (UTC +04:00)
Weekly review of Azerbaijan's oil & gas sector

BAKU, Azerbaijan, Nov. 27

By Khagan Isayev – Trend:

The signing of new agreements on the purchase of additional volumes of Azerbaijani gas through the Southern Gas Corridor could begin in late 2022 - early 2023.

At present, the countries of Eastern Europe - Bulgaria, Romania, Hungary, as well as five republics of the former Yugoslavia and Albania are showing interest in purchasing Azerbaijani gas through the Trans-Adriatic Pipeline (TAP). It is assumed that by the beginning of 2023, Azerbaijan may sign new contracts with European countries for the sale of additional volumes of gas via TAP.

In addition, this week a meeting was held between the Minister of Energy of Azerbaijan Parviz Shahbazov and a delegation led by the chairman of the Committee on Northern Economic Cooperation under the President of the Republic of Korea, Chong Soo Park.

The parties exchanged views on the prospects for cooperation in various fields of energy. It was noted that Azerbaijan intends to increase the share of renewable energy sources in total electricity production from 17 to 30 percent by 2030.

Also, it was reported that Azerbaijan and Romania discussed issues of strategic partnership, including existing cooperation in the energy sector, including in the field of ‘green energy’.

At the meeting of the Minister of Energy of Azerbaijan Parviz Shahbazov and the newly appointed Ambassador Extraordinary and Plenipotentiary of Romania to Baku Vasile Soare discussed issues of Azerbaijani gas supplies to Europe, the potential of the Bulgaria-Romania interconnector, the BRUA project (Bulgaria-Romania-Hungary-Austria gas transportation corridor), as well as prospects for expanding the Southern Gas Corridor.

The parties also discussed issues of close cooperation with Romania in the trade of oil, oil products and petrochemical products, the importance of switching to renewable energy sources, reforms in this direction in Azerbaijan, in particular, the country's potential for offshore wind energy, plans for the future production of electricity and "green hydrogen".

In addition, bp reported this week that work is currently underway within the framework of an executive agreement signed between the company and the Azerbaijani Energy Ministry in the field of appraisal and implementation of a project to build a solar power plant with an installed capacity of 240 MW in the Zangilan-Jabrail zone.

It was noted that this work includes an assessment of the technical and commercial aspects of the project, the development and, in general, the provision of all necessary estimates for the final investment decision.

Tags:
Latest

Latest