Economy

Azerbaijan became the largest supplier of diesel fuel to Georgia in 2021, accounting for 38.4 percent of the total import, Azertag has reported. During the reported year, Georgia imported 215,872 tons of diesel fuel from Azerbaijan. It should be noted that in total Georgia imported 561,526 tons of diesel fuel in 2021, …

As part of the groundbreaking ceremony of the Khizi-Absheron Wind Power Plant with a capacity of 240 MW, a Memorandum of Understanding on cooperation was signed between the Ministry of Energy of Azerbaijan and ACWA Power of the Kingdom of Saudi Arabia in the field of offshore wind energy. Deputy …

“Azerbaijan’s state energy firm SOCAR aims to achieve net zero carbon emissions in early 2022 in extracting oil and gas at its own sites,” SOCAR Vice President on environmental affairs Rafiga Huseynzade told Reuters. “We have been working on that from 2010 within the framework of the World Bank’s Global …

Fuad Ibrahimov has assumed the duties of the head of Natural Gas Business Unit of SOCAR Turkey as of January 1, 2022, Trend reports with reference to Turkish media. Reportedly, Fuad Ibrahimov will be responsible for the management of Bursagaz, Kayserigaz and SOCAR Enerji Ticaret companies operating under the unit. Natural Gas …

Azerbaijan’s export of non-oil products and gas may increase in the medium term, Deputy Head of the Market Research Department at the Russian Gazprombank Gulnara Khaidarshina told Trend. Khaidarshina added that the growth must reach $1.2 billion over four years to achieve $3.6 billion in 2025. “It is easy to achieve …

The Azerbaijan Trade Department has been opened in G-Hub shopping center which has been recently established in Wuhan, Hubei province of China, Trend reports referring to the Azerbaijani Ministry of Economy. According to the message, the Trade Department will sell the food products which are produced in Azerbaijan under the “Made in …

So far, the feasibility study, cost-benefit analysis, environmental and social impact assessment and final project design is prepared for the gas interconnection between North Macedonia and Greece, which will ensure access to Azerbaijani gas, North Macedonian Economy Ministry told Trend. Market test is ongoing on the Greek side prior issuing the …

Georgia’s total trade turnover with Azerbaijan from January through November 2021 amounted to $997.2 million – a 7.8 percent share of the total foreign trade turnover, Trend reports via National Statistics Office (Geostat). The current figure increased by 19.9 percent, compared to $831.3 million over the reporting period of 2020. According to …

The 1st Azerbaijan-Turkey Energy Forum has been held in Baku. The Forum was co-chaired by Azerbaijani Energy Minister Parviz Shahbazov and Turkish Minister of Energy and Natural Resources Fatih Donmez. The two-day forum was organized within the framework of the Joint Intergovernmental Commission on Economic Cooperation between Azerbaijan and Turkey …

BP has started drilling the second Shallow Water Absheron Peninsula (SWAP) exploration well. “BP as operator of the Shallow Water Absheron Peninsula advises that the Satti jack-up rig has moved to the Bibi-Heybat prospective area to commence the drilling of the second SWAP exploration well- BHEX01. This follows the abandoning …