This week, the average prices of Azeri LT CIF, Azeri Light FOB Ceyhan, and Dated Brent crude oil increased, while the average price of Urals (EX NOVO) crude oil saw a decline, Azernews reports. The average price of Azeri Light crude oil, based on CIF from Azerbaijan’s Azeri-Chirag-Gunashli field, rose by $0.1 …
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A joint meeting of the Economic Council and the Supervisory Board of the Azerbaijan Investment Holding was chaired by Prime Minister Ali Asadov. The agenda covered discussions on the current situation, key indicators, and prospects in the country’s oil and gas sector. Topics included the long-term development plans of SOCAR …
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On January 27, President of the Republic of Azerbaijan Ilham Aliyev received Jonathan Missner, Co-Founder and Board Member of the Israel Economic Forum, Azernews reports. President Ilham Aliyev emphasized that, as has been the case throughout history, representatives of various religions and faiths, including the Jewish community, live today in an atmosphere …
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A joint working group in the energy sector will be established between Iran and Azerbaijan. Azernews reports that Iran’s Oil Minister, Mohsen Paknejad, made this announcement during a meeting with Azerbaijan’s Deputy Prime Minister, Shahin Mustafayev, in Tehran on January 21. Paknejad stated that the joint working group would facilitate technical-level …
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On November 13, the Ministry of Economy will organize a High-Level Session with the World Economic Forum on the topic “The Power of Collaboration: Uniting Forces for Net Zero,” Azernews reports. The event will take place in Baku from today until November 22, as part of the 29th session of the Conference …
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The next meeting of the Working Group, established by the Antimonopoly and Consumer Market Control State Service under the Ministry of Economy, was held to discuss the implementation of the tasks outlined in the Action Plan for the “State Programme for the Adaptation of the National Standardisation System to International …
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In 2023, the “Azerigas” Production Union of the State Oil Company of Azerbaijan (SOCAR) constructed gas pipelines in 24 settlements across territories liberated from occupation, Azernews reports, citing the company. As part of the “State Program on the Great Return to the Territories Freed from Occupation of the Republic of Azerbaijan,” gas …
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In line with President Ilham Aliyev’s strategy to expand “green energy” sources and increase the share of renewable energy in the energy system to 30 percent by 2030, “AzerEnergy” has begun implementing a comprehensive action plan, Azernews reports, citing “AzerEnergy.” By 2028, the plan aims to increase the capacity of solar and …
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The forecasted cash generation of the State Oil Company of Azerbaijan (SOCAR) of around 2 billion manats ($1.176 billion) over 2024-25 should be sufficient to cover estimated debt maturities of 9.3 billion manats ($5.47 billion) over this period, according to the rating action of the Moody’s international rating agency, according …
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bp has started to use cutting-edge drone technology to carry out tank inspections on its assets in the Caspian Sea, Azernews reports. For the first time, the company has utilised the Elios 3 drone to conduct an empty tank inspection on the Shah Deniz Alpha platform. This is a groundbreaking move towards …
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