Azerbaijan Caspian Shipping Company (ASCO) has installed the EcoPilot system by UAE-based QTAGG to reduce fuel consumption and greenhouse gas emissions, QTAGG's Commercial Director Per Österberg said on Wednesday at the event "Voyage to the Future: Decarbonization in the Maritime Sector for a Sustainable Tomorrow."
According to Österberg, the EcoPilot system optimizes vessel routes and speeds, monitors engine performance, and ensures environmentally efficient shipping. QTAGG’s technological solutions aim to minimize energy losses in ship propulsion systems, while its subsidiary, Vigil, develops innovative solutions for maritime services, ship construction, and technical equipment for the industry.
ASCO has committed to achieving net-zero greenhouse gas emissions by 2050. The strategy includes:
- 2024-2027: Upgrading about half of its fleet.
- 2027-2030: Constructing or acquiring methanol-powered vessels and retrofitting existing ones.
- 2030-2040: Transitioning to environmentally friendly fuels to reduce emissions by 70-80% compared to 2008 levels.
- By 2050: Fully adopting alternative fuels to guarantee net-zero emissions.
ASCO’s phased approach underscores its commitment to sustainable maritime practices, aligning with global decarbonization trends in the shipping industry.
Economics
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In Baku, grappling with growing environmental challenges, experts and policymakers convened on Friday for an international scientific conference titled “Sustainable Environment: Transition to Green Energy.” The event highlighted the urgent need for innovative strategies to combat pollution and advance renewable energy initiatives.
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Kazakhstan is set to increase its oil transit through the Baku-Tbilisi-Ceyhan (BTC) pipeline by 5.1% in 2024, reflecting growing regional cooperation and diversification in energy routes. According to figures obtained by Turan News Agency, the total volume of Kazakh oil transiting through the BTC pipeline is projected to exceed 1.464 million tons, up from 1.392 million tons in 2023.
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In a groundbreaking development for Azerbaijan’s energy sector, GL Group, a prominent Azerbaijani oil company, has announced plans to drill the country’s first horizontal well on land, reaching a depth of 4,400 meters with a lateral section of approximately 400 meters. The project, a milestone in the region’s oil exploration history, is set to take place at the Kirsangi-Garabaghly onshore fields.
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The Central Bank of Azerbaijan (CBA) forecasts an annual inflation rate of 5.1% by the end of 2024, comfortably within the target range of 4% ± 2%. However, recent data indicate that inflationary pressure has significantly eased over the year: in October, the inflation rate stood at 3.4%, slightly down from 3.5% in September. Official data for November have not yet been released, leaving room for speculation about possible year-end adjustments.
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