Azerbaijan

SOCAR studies Bulgarian supply options
Azerbaijan Materials

SOCAR studies Bulgarian supply options

Bulgarian gas transmission system operator Bulgartransgaz and Azerbaijan’s state-run Socar signed an MOU July 18 to look into shipping natural gas to Bulgaria and transporting it on to other southeastern European countries. According to Socar sources,  the company’s Balkan subsidiary will study options for supplying additional amount of gas to Bulgaria beyond the existing contract for 1bn m³/yr of gas […]

S & P about Creditworthiness Risks of SOCAR
Azerbaijan Materials

S & P about Creditworthiness Risks of SOCAR

The international agency S & P Global Ratings placed a long-term corporate credit rating “BB” of SOCAR in the list of CreditWatch Negative (“ratings on revision with negative expectations”), the agency reports. “The placement of the SOCAR rating on the CreditWatch list reflects the uncertainty as to whether a possible significant deterioration in the assessment of its own creditworthiness (SACP) […]

SOCAR will increase production at the gas field
Azerbaijan Materials

SOCAR will increase production at the gas field

SOCAR plans to commission two production wells in the Bulla Deniz seabed gas condensate field within three months. According to SOCAR, Well No. 78, which is being drilled from Offshore Platform No. 6, will be put into operation in July. The daily production rate of this well is expected to be 150 tons of condensate and 500,000 cubic meters of […]

Export of Gas from Shah Deniz to Turkey Falls by 4%
Azerbaijan Materials

Export of Gas from Shah Deniz to Turkey Falls by 4%

The export of Azerbaijani gas produced within the framework of the Shah Deniz-1 project in January-April 2017 amounted to 2,173.71 mcm. According to the Council on Regulation of the Energy Market of Turkey (EPDK), this is 3.8% lower than the same period of 2016. In April 2017, the export of Azerbaijani gas to Turkey amounted to 576.84 mcm. At the […]

Head of SOCAR and Georgian PM Discuss Cooperation Issues
Azerbaijan Materials

Head of SOCAR and Georgian PM Discuss Cooperation Issues

Rovnag Abdullayev, the President of the State Oil Company of Azerbaijan (SOCAR), made a working visit to Georgia, within the framework of which he met with Georgian Prime Minister Georgi Kvirikashvili, the press service of SOCAR reported. “Within the framework of the working visit to Georgia, SOCAR President Rovnag Abdullayev discussed issues of cooperation with Prime Minister Georgi Kvirikashvili,” the […]

Oil, gas account for 93% of Azerbaijan’s Q1 exports
Azerbaijan

Oil, gas account for 93% of Azerbaijan’s Q1 exports

Current account surplus of Azerbaijan’s balance of payments for the first quarter of 2017 amounted to $ 380.2 million, the Central Bank of Azerbaijan reported. It should be noted that the current account deficit of Azerbaijan’s balance of payments for the first quarter of 2016 was $ 432.1 million. According to the balance of payments, the surplus for the oil […]

Revenues to Oil Fund Amounted to $ 131 Bn in 2001-2016
Azerbaijan Materials

Revenues to Oil Fund Amounted to $ 131 Bn in 2001-2016

The volume of revenues to the State Oil Fund of Azerbaijan (SOFAZ) in 2001-2016 amounted to $ 130.8 billion, the Fund’s annual report for 2016 says. According to the report published on the Fund’s website, 74.7% of the funds received in the Fund in 2001-2016 were used, and the remaining 25.3% or $ 33.15 billion were used for accumulation. According […]

New advisor of CEO appointed in Azerbaijan’s State Oil Fund
Azerbaijan Materials

New advisor of CEO appointed in Azerbaijan’s State Oil Fund

Nargiz Nasrullayeva-Muduroglu has been appointed as Advisor of CEO of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), SOFAZ said June 12. Prior to this appointment Ms. Nasrullayeva-Muduroglu served as Director of Business Operations of Landmark Business Centre, Center Manager of Regus Business Centre Trading Ltd and at Corporate Banking and Customer Service Department at the Baku branch […]

Farewell ceremony for Azerbaijani Energy Minister Natig Aliyev
Azerbaijan

Farewell ceremony for Azerbaijani Energy Minister Natig Aliyev

A farewell ceremony was held for Azerbaijan’s Minister of Energy Natig Aliyev in Baku in the Cultural Center named after Shahriyar. The ceremony was attended by Azerbaijani statesmen, MPs, prominent businessmen, community representatives and family members of the deceased. A wreath was laid on behalf of Azerbaijani President Ilham Aliyev and First Vice-President Mehriban Aliyeva at the minister’s coffin. After […]

Azerbaijan’s energy minister Natig Aliyev dies
Azerbaijan Materials

Azerbaijan’s energy minister Natig Aliyev dies

Azerbaijani Energy Minister Natig Aliyev, who had been receiving treatment in Istanbul Florence Nightingale Hospital, died, General Consulate of Azerbaijan in Istanbul told APA-Economics. Azerbaijani Energy Minister Natig Aliyev, who had been receiving treatment in Istanbul Florence Nightingale Hospital, died following a sudden complication on Friday morning. A few days ago, Energy Minister Natig Aliyev had been placed at the […]

SOCAR Pending Opening of New Large Gas Field
Azerbaijan Materials

SOCAR Pending Opening of New Large Gas Field

In case of discovering commercially attractive gas volumes, production at the deep-water block Shafag-Asiman in the Azerbaijani sector of the Caspian Sea may begin in 2030. As the geologists of the State Oil Company of Azerbaijan predict, this exploration block after the analysis of geophysical exploration shows great prospects for finding gas reserves. BP-Azerbaijan (operator of the project) proposes to […]