SOCAR assets for early 2012 reach nearly $22bn

SOCAR assets for early 2012 reach nearly $22bn As of early 2012, the assets of the State Oil Company of Azerbaijan made AZN 17bn ($21,795,000,000). The statement came from SOCAR vice president for economic issues Suleyman Gasimov speaking at the international Oil and Gas conference. He said compared to 2008 the short-term assets of the company rose by 81% and overall assets by 36%. SOCAR’s net profit made AZN 879,000,000.      Read More

Azerbaijan’s proven gas reserves reach 2.6 trillion cubic meters

Azerbaijan’s proven gas reserves reach 2.6 trillion cubic meters Azerbaijan is ready to continue contributing to European energy security, chief of apparatus of the Industry and Energy Ministry, Rasim Mammadov said during the International Caspian Oil & Gas Exhibition and Conference in Baku on Wednesday. He said at present Europe seeks alternative sources and routes of gas supplies, and Azerbaijan is a reliable partner in this field. The Southern Gas Corridor will pay... Read More

TANAP project to cost totally USD 7bn

TANAP project to cost totally USD 7bn The oil transport from Azerbaijan to Turkey will be resumed on Friday, SOCAR President Rovnag Abdullayev has told journalists. According to Abdullayev, cooperation regarding Umid field is under way and calculations are being conducted to provide its access to the world market,Gun.Az reported. “At the president’s order, we are developing a report on future need in oil and gas, besides its sale to Europe. This future will cover... Read More