SOCAR starts drilling new oil well in Caspian Sea

SOCAR starts drilling new oil well in Caspian Sea Well No 308 is drilled by SOCAR-AQS on Guneshli-13 platform. “According to geologists, the well will produce 100 tonnes of oil daily”, the reports say. According to the official website for the State Oil Company of Azerbaijan, the well will operated by 28 May oil and gas producing facility.  Read More

Azerbaijan’s State Oil Fund assets is $32.6bn

Azerbaijan’s State Oil Fund assets is $32.6bn In the first half of 2012, the budget revenues of the State Oil Fund of Azerbaijan made AZN 7,391,900,000 and expenses-AZN 4,878,100,000. Chief executive of the State Oil Fund of Azerbaijan Shahmar Movsumov said that in the reporting period the revenues from the implementation of oil and gas contracts made AZN 7,099,800,000, including AZN 7,091,400,000 from the sale of profit oil and gas. As of 1 July, the transit revenues made... Read More

Greeks willing to join TAP project

Greeks willing to join TAP project The Greek government and Greek energy companies Enel and DEPA are seeking ways to join the Trans-Adriatic pipeline project (TAP). The statement is reflected on Greek newspaper Kathimeni, Gun.Az reported. According to the newspaper, the government and companies are ready to offer support to TAP project. “Greece Secretary on environment, energy and climate change Asimakis Papageorgiou will meet with the TAP consortium regarding participation... Read More

Azerbaijan- WTO Negotations to Start in Geneva

Azerbaijan- WTO Negotations to Start in Geneva On July 24-28, Geneva will host a range of bilateral discussions with members of the World Trade Organization regarding Azerbaijan’s accession to the organization. The statement came from Foreign Ministry spokesman Elman Abdullayev, Gun.Az reported. Noting that Azerbaijan will be represented at the meeting by Deputy Foreign Minister Mahmud Mammadguliyev, the spokesman said the bilateral discussion would be held with the US,... Read More

Azerbaijan’s trade with CIS countries tops $1.6bn

Azerbaijan’s trade with CIS countries tops $1.6bn In the first half of 2012, Azerbaijan’s trade with CIS countries made $1,657,137,040. According to sources in the State Customs Committee, in the reporting period export to the CIS countries made $537,354,170 and import made $1,119,782,870. Thus, a negative balance of $582,428,500 formed in trade with CIS countries. Azerbaijan’s trade with CIS countries made $5,498,000,000 in 2011. Last year the export to the... Read More

Oil, Gas & Media Conference to Gather Leading Global Industry Experts to Baku

Oil, Gas & Media Conference to Gather Leading Global Industry Experts to Baku Organised by the International Press Institute (IPI), this groundbreaking event will bring together leading oil and gas journalists, financial and business reporters, and major oil and gas industry experts, analysts and stakeholders to explore how public opinion, freedom of information, media relations and social media all intersect with the oil and gas industry.   The international conference... Read More

Azerbaijan’s trade with CIS countries tops $1.6bn

Azerbaijan’s trade with CIS countries tops $1.6bn In the first half of 2012, Azerbaijan’s trade with CIS countries made $1,657,137,040. According to sources in the State Customs Committee, in the reporting period export to the CIS countries made $537,354,170 and import made $1,119,782,870. Thus, a negative balance of $582,428,500 formed in trade with CIS countries. Azerbaijan’s trade with CIS countries made $5,498,000,000 in 2011. Last year the export to the... Read More

ADB cuts amount of II multitranche funding for project in Azerbaijan

ADB cuts amount of II multitranche funding for project in Azerbaijan The Asian Development Bank (ADB) has reduced the volume of the II multitranche financing (MFF) for road construction in Azerbaijan from $800 million to $500 million, Baku Office of ADB told Trend on Thursday. “The reduction in funding is due to the fact that the bank has decided to direct loans to complete construction of the Baku-Iran border highway, particularly of Alat-Masalli road,” the office... Read More

SOFAZ to finance TANAP construction

SOFAZ to finance TANAP construction State Oil Fund of Azerbaijan will invest funds in construction of Trans Anatolia Pipeline, said the SOFAZ Executive Director Shahmar Movsumov. According to him, SOFAZ’s presence in TANAP construction is being discussed: “This is very important project and it is not excluded usage of SOFAZ funds for this project. This issue is being discussed presently”, APA reports.  Read More

Nabucco is not a political project – Christian Dolezal

Nabucco is not a political project – Christian Dolezal Nabucco is a commercial project, but it is also supported politically, said the spokesman of Nabucco Gas Pipeline International GmbH consortium Christian Dolezal. Dolezal noted that, EU and EC support the project due to adaption of this project to total European energy safety: “Nabucco is a part of South Corridor covering Romania, Bulgaria and Hungary. This project will connect great Turkish market with European market. Along... Read More