WB, SOCAR sign grant agreement
On Thursday Natik Aliyev, the President of the State Oil Company of Azerbaijan (SOCAR), and Dona Dauset-Koyrolo, the Director of the World Bank on South Caucasus, signed an agreement on approval of a $381,250 Japanese grant for designing of a project on utilization of associated gas from the Shallow-water Gunashli field, developed by the SOCAR at own expense, Trend reports.
In his remarks to the signing ceremony Aliyev said that the grant will be spent on the development of a program on attraction of investments for utilization of associated gas extracted from the Guanshli field.
вЂњAlong with oil, demand for use of natural gas increases in the world year by year. So, there is necessity for expedient use of the associated gas extracted from the field. At present 1.6 million cu m of gas day is emitted to the atmosphere. The amount of emission from Chirag field comprises 800,000 cu m of gas a day. Utilization of the gas will enable to provide the villages with fuel and preserve ecology,вЂќ he noted.
The Azerbaijan International Operating Company operated by BP company is involved in the development of the Chirag oil field.
According to Dauset-Koyrolo, вЂ�Carbon FoundationвЂ™ with $1bn reserve was established in the world to liquidate emission of hot-bed gas to atmosphere. вЂњThe Foundation approves financing for the countries interested in the implementation of such projects,вЂќ she underlined.
Japanese company Japan Oil Engineering Co is involved in delivery consultative services to the SOCAR on the expedient use of the associate gas. The company carries out research into the ways of prevention of loss of natural gas, its more economical use and efficient use at the power stations.