Azerbaijan

Azerbaijan Begins to Consume Less Gasoline
Azerbaijan Materials

Azerbaijan Begins to Consume Less Gasoline

Oil production in Azerbaijan in 2016 decreased compared to 2015 by 9.1% to 2 billion 772.7 million manat. This is evidenced by the State Statistics Committee of Azerbaijan. According to statistics, in 2016 there was an increase in the production of fuel oil — by 48.1% to 485.8 thousand tons, and of oil bitumen – by 4.3% to 179.2 thousand […]

AZERBAIJAN EYES MORE GAS, LESS OIL IN 2017: MINISTER
Azerbaijan Materials

AZERBAIJAN EYES MORE GAS, LESS OIL IN 2017: MINISTER

Azerbaijan is planning to produce more gas and less oil this year, energy minister Natiq Aliyev has toldNGW. The country plans to increase gross gas output by 0.8% to 29.561bn m3 in 2017. That follows a decline of 0.6% year-on-year to 29.331bn m3 in 2016. Of that 18.714bn was commercial gas, a 3.9% decline from 2015, as more gas was needed for […]

World Bank, Azerbaijan sign TANAP loan
Azerbaijan Materials

World Bank, Azerbaijan sign TANAP loan

World Bank and the the government of Azerbaijan January 16 signed a $400mn loan agreement funding the TransAnatolian gas pipeline (Tanap) that will deliver Caspian gas to Turkey and Europe. Tanap, part of the southern gas corridor project (SGC), will transport natural gas from the Shah Deniz field in Azerbaijan to and across Turkey, and further to Europe, aiming to […]

Azerbaijan, WB sign loan agreement on TANAP
Special News

Azerbaijan, WB sign loan agreement on TANAP

Azerbaijan and the World Bank (WB) have signed a loan agreement on the Trans Anatolian Natural Gas Pipeline (TANAP) project, the WB Baku office told Trend Jan. 16. The loan agreement was signed by Mercy Tembon, the WB regional director for the South Caucasus, and Afgan Isayev, head of the Southern Gas Corridor CJSC. The guarantee agreement was signed by […]

SOCAR supplies Malta’s 1st LNG
Azerbaijan Special News

SOCAR supplies Malta’s 1st LNG

Malta’s first LNG cargo, supplied by Azerbaijan’s state Socar, was delivered January 11 aboard the tanker Galea. Socar shipped the first LNG to Malta aboard tanker, Galea ElectroGas Malta — which developed the new floating LNG import and storage terminal (FSU) at Marsaxlokk in southeast Malta and a nearby 200 MW gas-fired power plant at Delimara — told NGWthat the […]

NGW magazine: Azerbaijan at half-way mark for SGC
Azerbaijan Materials

NGW magazine: Azerbaijan at half-way mark for SGC

Money keeps coming for the Southern Gas Corridor as it has enjoyed cast-iron support politically – so far, at least. Azerbaijan has spent $6bn of its total $11.9bn share of the Southern Gas Corridor (SGC) costs since 2014, the director-general of the Southern Gas Corridor Company Afgan Isaev told NGW late last year; in 2016, Baku spent just $2bn on the project, […]

SOCAR Increases Drilling by 1% in 2016
Azerbaijan Materials

SOCAR Increases Drilling by 1% in 2016

The drilling departments of SOCAR increased drilling volumes in 2016 compared with the same period in 2015 by 0.8% — up to 105,245 meters. It is reported by the press service of SOCAR. Of the total amount of drilling 102,532 meters accounted for operational drilling, and 2,713 meters – for exploratory drilling. In December 2016 the volume of drilling operations […]

SOFAZ unveils preferred property markets
Azerbaijan Materials

SOFAZ unveils preferred property markets

The State Oil Fund of Azerbaijan (SOFAZ) is interested in the acquisition of high-quality real estate assets in European, Asia-Pacific and the US markets, SOFAZ Executive Director Shahmar Movsumov said in an exclusive interview with Trend. He said that creation of a portfolio, in which the developed markets, as well as various types of real estate will be widely represented, […]

Technip to Complete SOCAR GPC Designing in 2H2017
Azerbaijan Materials

Technip to Complete SOCAR GPC Designing in 2H2017

France’s Technip S.A. plans to complete work on design engineering as part of the construction of oil and gas processing and petrochemical complex (GPC) in Azerbaijan in the 2H2017, Technip said in a message posted on its website. The message said that Technip has been awarded by SOCAR GPC a service contract for the ethylene and cryomax technology licenses respectively […]

BP Starts 2017 On An Optimistic Note — ACG
Azerbaijan Materials

BP Starts 2017 On An Optimistic Note — ACG

Despite the turbulence in the commodity markets in 2016, the year ended on a high note for the London-based integrated company, BP Plc. While the energy company’s stock price as well as profitability suffered throughout the year, the company recovered strongly in the second half of the year on the back of the Organization of Petroleum Exporting Countries’ decision to cut […]