Weekly overview of main events in energy market of Azerbaijan

Oil&Gas Materials 6 June 2022 09:35 (UTC +04:00)
Weekly overview of main events in energy market of Azerbaijan
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, June 6. Last week, the main topic in the energy sector of Azerbaijan was the 27th Energy Forum held in Baku, some important statements were made within the framework of this forum, Trend reports.

Azerbaijani Energy Minister Parviz Shahbazov said that new contract in the sphere of renewable energy will be signed in Shusha city [liberated from Armenian occupation in the 2020 Second Karabakh War]. He also noted that the volume of deliveries through the Southern Gas Corridor (SGC) to the EU should reach 10 billion cubic meters by the end of 2022.

Head of Energy Policy – Directorate-General for Energy at European Union, Cristina Lobillo Borrero said that the SGC is important for the EU, and the role played by Azerbaijan is a key in efforts to diversify gas supplies to the EU.

Bulgarian Energy Minister Alexander Nikolov said that the Gas Interconnector Greece-Bulgaria (IGB project), which provides for the transportation of Azerbaijani gas to Bulgaria, will play a key role in achieving country's goals of diversifying energy sources, energy security and independence.

Deputy Prime Minister of the Republic of Serbia and Minister of Mining and Energy, Prof. Zorana Mihajlovic, noted that Serbia is discussing gas supplies from Azerbaijan through IGB.

Deputy Director General of the Baku Oil Refinery named after Heydar Aliyev Modernization Project Emil Alkhasli said that it is planned to launch hydrogen production at the refinery this year. In addition, the refinery plans to produce 2 million tons of RON-92 fuel and RON-95 Premium fuel per year.

Also this week, Azerbaijan’s Energy Ministry, the World Bank (WB) and the International Finance Corporation (IFC) presented a ‘Roadmap’ for the development of offshore wind energy in Azerbaijan. According to the document, Azerbaijan has the potential to use 7 gigawatts in offshore wind power by 2040.

Director General of the International Renewable Energy Agency (IRENA) Francesco La Camera said that Azerbaijan is ready to further develop its renewable energy potential.

British Petroleum (BP) Vice President for finance, Azerbaijan, Georgia and Turkey region Niall Henderson said Azerbaijan is capable of competing in the renewable energy sector (RES) at the global level. Azerbaijan can create a flexible smart and digital energy system that integrates renewable energy sources into thermal power and transport, he said.

In addition, last week Baku hosted the signing ceremony of the renewable energy cooperation program between the Azerbaijan State Oil and Industry University (ASOIU) and BP Exploration (Caspian Sea) Limited.

Also it was reported that BP hopes that all commercial issues related to the construction of a solar power plant in Azerbaijan’s liberated territories will be agreed before the end of 2022.

In addition, this week it was reported that the construction project of petrochemical plant of State Oil Company of Azerbaijan Republic (SOCAR) in Turkey - "Mercury" is on the agenda.