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Category: Azerbaijan

Baku Oil Refinery and Tecnicas Reunidas sign contract

Within the project of reconstruction and modernization of the plant, the Heydar Aliyev Baku Oil Refinery of the State Oil Company of Azerbaijan Republic (SOCAR) and Tecnicas Reunidas…

Nakhchivan eyes energy, agriculture cooperation with Iran

Nakhchivan parlament speaker Vasif Talibov in a meeting with Iran’s economy minister voiced his country’s interest in electricity transfer, importing gas, and agricultural cooperation. During the…

Azerbaijan produces 85,4 thsd tons of ethylene this year

85,400 tons of ethylene were produced in Azerbaijan in January-November, 2017. Report informs referring to the State Statistical Committee (SSC), the volume of ethylene production…

2,200th tanker arrives in Kulevi port

Port Kulevi (the Black Sea, Georgia) received, loaded and dispatched its 2,200th tanker. Report informs citing Kulevi Black Sea Terminal. It was noted that operations…

Transit oil transportation via BTC pipeline soars 44%

In January-October 2017, oil transportation via main oil pipelines of Azerbaijan made 39 127,1 thousand tons. Report informs referring to the State Statistical Committee (SSC), 78,9% of…

TAP lowers 62% pipes in Greece and Albania

Pipes lowered in and backfilled in 62% of route of Trans Adriatic Pipeline (TAP), which will transport Azerbaijani gas to Europe, in Greece and Albania….

TAP loan approval postponed to 2018

The Council of the European Investment Bank (EIB) on December 12 at its meeting considered the issue of a loan for the construction project of…

Azerbaijan’s crude oil export revenues soar 63%

In January-November, Azerbaijan has exported 24 723 729 tons of crude oil. Report informs citing the State Customs Committee (SCC), the value of crude oil in this…

Next tanker with Azerbaijani oil arrives in Odessa

A shipment entered the port of Odessa with 87,458 tons of Azeri oil for the Kremenchug refinery. This was reported by the press service of…

BP transfers nearly $95M to state budget

Oil and gas companies operating in Azerbaijan transferred AZN 258.8 million of profit tax to the state budget in 2016, Moore Stephens Azerbaijan said in…

Baku hosts meeting of Azerbaijan-Kazakhstan Intergovernmental Commission

Delegation led by Kazakhstan’s Minister of Energy Kanat Bozumbayev has paid a visit to Baku to participate in XIV session of the Azerbaijan-Kazakhstan Joint Intergovernmental…

SOCAR Postpones Dismantling of Old Oil Refinery on Caspian Coast until 2021

The plant ELOU-AVT (primary oil refining) with a production capacity of 2 million tons per year along with the vacuum unit will be transferred from…

SOCAR and Petrofac Set up Joint Venture to Train Oil Industry Workers

SOCAR and British Petrofac have set up a joint venture to train oil industry workers. The parties signed the foundation agreement of the joint venture…

Gazprom resuming gas deliveries to Azerbaijan

Gazprom Export and the State Oil Company of the Azerbaijan Republic (SOCAR) reached an agreement to resume natural gas supplies to Azerbaijan. A contract to that effect was signed in Moscow on November 21,…

Government Assesses Risks Associated with Oil Prices

The Azerbaijani government notes the existence of a number of internal and external fiscal risks that may have a direct and indirect impact on the…

Unreported Export Volumes of Azerbaijani Oil Sharply Increased

For January-September of this year, Azerbaijan exported 15,381,800 tons of crude oil. According to the State Customs Committee of Azerbaijan, during the reporting period the…

Southern Gas Corridor project’s cost revealed

The cost of the Southern Gas Corridor project is now estimated at $41.5 billion, head of the Southern Gas Corridor CJSC Afgan Isayev said addressing…

Azneft Announces Production Figures

Production Association (PA) Azneft (structure of SOCAR for oil and gas production) in January-September 2017 produced 4 million 624.8 thousand tons of oil and 3.87…

SOFAZ to Spend $437 mln on Construction of Oil Refinery

On October 4, Azerbaijani President Ilham Aliyev approved changes in the budget of the State Oil Fund (SOFAZ) of Azerbaijan for 2017. According to the…

BP restarts Shah Deniz field

BP has restarted gas and condensate production from the Shah Deniz field after carrying out preventive works on the Alfa production platform, having been halted…

EBRD approves huge loan for Azerbaijan’s Shah Deniz-2

The European Bank for Reconstruction and Development (EBRD) will provide a $100 million loan to LUKOIL Overseas Shah Deniz Ltd to extend additional financing for…

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….

SOCAR Plans to Produce 250 Thousand Tons of Methanol in 2017

SOCAR Methanol LLC plans to produce 250,000 tons of methanol in 2017, Elnur Mustafayev, General Director of the LLC, said in an interview with the…

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…

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…

Budget of Azerbaijan and oil revenues

As a result of 2016, revenues to the state budget of Azerbaijan from the oil sector amounted to 9 billion 225.1 million manats or 52.7%…

SOCAR Produces 57,000 Tons of Methanol

SOCAR Methanol LLC has produced 56,610.13 tons of methanol since early 2017, the company said in a statement. “For the period from January 1, 2017…

Zenith Energy appoints chief operating officer in Azerbaijan

Canada’s Zenith Energy company has appointed Michael Palmer as chief operating officer of the company’s operations in Azerbaijan, read the message posted on Zenith’s website….

AIOC increased volume of associated gas to SOCAR by 59%

The volume of associated gas to SOCAR increased by 58.9%, compared with the first quarter in 2016. In the quarter I of 2017, the BP-led Azerbaijan International…

SOCAR increased budget payments by 19%

The State Oil Company of Azerbaijan Republic (SOCAR) transferred 133,659 million AZN to state budget in April, 2017. Report informs referring to SOCAR, it is…

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