Weekly review of main events in oil, gas sector of Azerbaijan

Oil&Gas Materials 20 June 2021 16:10 (UTC +04:00)
Weekly review of main events in oil, gas sector of Azerbaijan

BAKU, Azerbaijan, June 20

By Fidan Babayeva - Trend:

There are many opportunities to intensify cooperation between Serbia and Azerbaijan in the field of energy and take this interaction to a higher level, Deputy Prime Minister - Minister of Mining and Energy of Serbia Zorana Mikhailovic told Trend this week.

Serbia and Azerbaijan are strategic partners, and our economic cooperation in previous years was characterized by successfully implemented projects in the field of transport infrastructure, she said.

Also, this week, it became known that the Trans-Adriatic Gas Pipeline (TAP) consortium is evaluating the technical potential for transporting a mixture of natural gas and hydrogen.

In addition, Bulgaria sent a warning letter to the Greek company J&P AVAX S.A., which is the contractor for the construction of the Greece-Bulgaria gas interconnector (IGB).

In case of subsequent non-compliance with the agreed deadline for the completion of construction, the Bulgarian side will begin to implement guarantees under the contract in the amount of 90,000 euro per day, that is, to pay a fine of 90,000 euro for each day of delay, the letter says.

This week, the Head of the EU Delegation to Azerbaijan Kestutis Jankauskas said that the experts of the European Union are preparing a ‘Long-term energy strategy for the development of Azerbaijan.’

"The draft strategy analyzes various policy options and scenarios until 2050 based on an assessment of the supply, demand and potential of renewable energy sources (RES), energy efficiency and the impact of COVID-19," said Jankauskas.

"By 2050, Europe will be the first climate-neutral continent. To achieve this goal, we have the so-called ‘European Green Agreement’ - a series of initiatives that will protect the environment and stimulate a green economy. We must act now, and we need partners to support us in this global endeavor. Azerbaijan is our partner, we have been cooperating for many years on various topics, primarily in the energy sector. We can do much more for our mutual benefit and for the benefit of the whole world," he said.

Moreover, this week, Deputy Chairman of the Board of Directors of SOCAR Turkey Vagif Aliyev said that the Turkish subsidiary of the State Oil Company of Azerbaijan (SOCAR) and the Turkish TPAO can cooperate in the development and production of the fields.

"He noted the strategic importance of Turkey's discovery of new natural gas reserves. In theory, we can work together with TPAO in the fields of field development and production. This is in our professional interests," Aliyev said.

Also, according to Aliyev, SOCAR Turkey is negotiating with the British INEOS and other investors on the Merkury petrochemical project in Turkey.

"SOCAR Turkey does not want to postpone this project for a long time. We can implement it with a partner with experience in petrochemicals, or with a financing partner. Other petrochemical projects in Turkey do not affect Mercury," Aliyev said.