BAKU, Azerbaijan, Mar.6
By Fidan Babayeva - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) gained $574.54 million from Jan. 1 through Mar. 1, 2021, as part of the project to develop the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, a source in SOFAZ told Trend this week.
Besides, in the outgoing week, it was reported that SOCAR’s Petkim petrochemical complex in Turkey saw a 14 percent increase in net profit in 2020, as compared to 2019.
Petkim’s financial success was achieved as a result of the integrated production with Star Refinery, as wells as the measures to increase productivity and digitalization.
Incomes from the sale of gas and condensate produced at Shah Deniz field from January through February 2021 amounted to over $3.5 million.
In addition, this week Sarah Michael, World Bank Regional Manager for the South Caucasus, said that the World Bank (WB) is ready to explore new opportunities for participation in the energy sector of Azerbaijan.
She noted that as a long-term reliable partner of Azerbaijan, the World Bank has financed more than 50 investment projects since the country's accession to the organization in 1992.
Moreover, this week Azerbaijan supported the agreement reached at the 14th Ministerial Meeting of OPEC Plus on the continuation of existing quotas on daily crude oil production in April 2021.
Up to March 5, 2021, 4,709 tankers with oil from the Azeri-Chirag-Gunashli (ACG) block of fields have been loaded in the Ceyhan terminal.
A subsidiary of Azerbaijan’s state oil company SOCAR in Turkey will use the Hybrid Cloud Solution of the US-based IBM company to transform its operations.
Using IBM Cloud Pak for Business Automation solution, SOCAR Turkey aims to create a digital business with accelerated and simplified internal processes and subsequently, provide greater agility and flexibility for their operations across the company.
This week it was also reported that the State Tax Service under the Azerbaijani Ministry of Economy registered Masdar Azerbaycan LLC, a subsidiary of the UAE’s Masdar company.
The State Oil Fund of Azerbaijan (SOFAZ) sold funds worth $437.3 million at currency auctions in February 2021.
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