SOCAR likely to attend ONS 2024 conference in Norway's Stavanger

Oil&Gas Materials 25 June 2024 16:40 (UTC +04:00)
Lada Yevgrashina
Lada Yevgrashina
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BAKU, Azerbaijan, June 25. The State Oil Company of Azerbaijan (SOCAR) might throw its hat in the ring for the conference "ONS 2024," set to take place from August 26–29 in the Norwegian city of Stavanger, Trend reports.

The potential involvement of SOCAR in this prestigious global gathering was deliberated by SOCAR President Rovshan Najaf and Equinor Senior Vice President Giuseppina Ragone in Baku on June 25.

"The parties also discussed the implementation of the Memorandum of Understanding on cooperation in the field of decarbonization, signed last December, and other issues of mutual interest," the information of SOCAR in social networks noted.

In the meantime, Equinor decided to throw in the towel and officially pull the plug on fossil fuel projects in Azerbaijan come December 2023, all while keeping their eye on the ball with "green" projects.

Furthermore, in December 2023, SOCAR announced the acquisition of Equinor's stake in the Azeri-Chirag-Guneshli, Karabakh, and Baku-Tbilisi-Ceyhan (BTC) fields.

Equinor previously held a 7.27 percent stake in ACG, 8.71 percent in BTC, and 50 percent in the Karabakh field. Previously, SOCAR held a 25 percent stake in ACG, a 25 percent stake in BTC, and a 50 percent stake in the Karabakh field.

To note, the transactions will be completed in 2024, in compliance with all regulatory requirements and contractual obligations.

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