BAKU, Azerbaijan, July 11. Azerbaijan and the European Union will sign an important memorandum in the energy sphere, Head of the Office of the European Commissioner for Energy Stefano Grassi said last week, Trend reports.
Besides, the ICGB AD, a project company, informed last week about the completion of the construction phase of the gas interconnector Greece-Bulgaria (IGB), through which the Azerbaijani gas will be transported to Bulgaria.
The IGB’s inauguration ceremony was held at the gas measuring station near the Greek city of Komotini, where the pipeline connects to the gas transmission network of Greece and to the Trans-Adriatic Pipeline.
Azerbaijani Energy Minister Parviz Shahbazov speaking at the ceremony said that the inauguration of the IGB is a strategically important event to favor the implementation of new projects regarding the expansion of the Southern Gas Corridor and the diversification of the energy supply of Bulgaria and Southeast Europe.
According to ICGB Executive Officer from the Greek side Konstantinos Karayannakos who also spoke at the event, the interconnector will reshape the energy map of South-East Europe.
Last week, it was also reported that the Trans Adriatic Pipeline (TAP) consortium is testing its pipe materials in an internationally recognized laboratory to ensure that the asset is compliant with the hydrogen supply requirements.
Meanwhile, International Finance Corporation (IFC) said that it will be supporting economic diversification and new job creation out of the oil and gas sector in order to boost Azerbaijan’s green economy transition.
IFC also expressed its high keenness to provide private sector expertise and support the Azerbaijani government in offshore wind development.
The State Oil Company of Azerbaijan (SOCAR) and Uzbekneftegaz signed last week a roadmap to expand cooperation.
According to another report last week, SOCAR Trading revealed the main areas of activity for the rest of 2022 noting that after the continued success of its Global Physical Trading initiative over the last three-four years, the company has focused on further expansion into Natural Gas, LNG and Emissions.