BAKU, Azerbaijan, March 4. This week, the State Oil Company of Azerbaijan (SOCAR) met with the representatives of the Islamic Development Bank (IsDB) to discuss the prospects for possible cooperation in the field of oil, gas, renewable energy and digitalization.
Meanwhile, Azerbaijani Energy Ministry has met with the delegation from Romania to review issues of green energy transit from Azerbaijan to Europe through the Black Sea. Aside from traditional and renewable energy, the importance of cooperation development in areas such as energy efficiency and energy issue management was emphasized.
At the same time, President of the Chamber of Deputies of the Parliament of Romania Ion-Marcel Ciolacu said that Romania has an extraordinary chance to become a gateway to the European Union for gas and energy from Azerbaijan.
"The first concerned the contract for the purchase of 1 billion cubic meters of gas, a contract that will run from April, for one year. The second project discussed today concerned the transport of liquefied natural gas, namely the partnership between Romgaz and SOCAR regarding the construction of two terminals on the Black Sea (liquefied natural gas and regasification facilities)," Ciolacu explained.
During the week, it was announced that about 1,000 MW of electricity are expected to be exported from Azerbaijan’s Jabrayil Energy Hub to European markets. This substation will provide more profitable access to the European energy markets through the Jabrayil-Nakhchivan-Agri (Türkiye) route and further through the Turkish energy system, Director of the Karabakh Regional Electric Network LLC Mirjalal Huseynov said.
Meanwhile, according to the statistics published this week, Azerbaijan’s gas exports to Türkiye grew by 4.96 percent in December 2022, as compared to the same month in 2021, and stood at 784.39 million cubic meters. The country came in third in terms of natural gas exports to Türkiye during the reporting period.
At the same time, the State Oil Fund of Azerbaijan (SOFAZ) got $534.751 million worth revenues from Shah Deniz gas and condensate sale from January 1, 2023 to March 1, 2023, compared to $227.557 million in the same period in 2022, which indicates an increase of 2.3 times year-on-year.
Revenues of SOFAZ from the Azeri-Chirag-Gunashli (ACG) block of fields from January 1, 2023 to March 1, 2023 stood at $1.324 billion, compared to 1.307 billion in the same period in 2022, which is an increase of 1.3 percent year-on-year.