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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Russia and Iran have agreed on a gas pipeline route passing through Azerbaijan, according to Russia’s Energy Minister Sergey Tsivilyov. The Russian minister stated that the parties are in the final stage of negotiations, and the volumes have already been determined. According to Tsivilyov, Iran’s agreement with Russia’s Gazprom for gas supply via Azerbaijan is currently estimated at over 2 billion cubic meters annually. However, future supplies could increase to 55 billion cubic meters per year.
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On January 20 during the World Economic Forum's Annual Meeting in Davos, President Ilham Aliyev of Azerbaijan engaged in a strategic dialogue with Nick Studer, CEO of Oliver Wyman Group.
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During the World Economic Forum's Annual Meeting in Davos, President Ilham Aliyev of Azerbaijan met with Jared Cohen, President of Global Affairs at The Goldman Sachs Group, Inc. The meeting underscored the ongoing collaboration between Goldman Sachs and Azerbaijan's financial institutions, notably the Central Bank of Azerbaijan and the State Oil Fund.
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At the World Economic Forum in Davos, Azerbaijan's Minister of Economy, Mikayil Jabbarov, participated in the session titled "Leaders’ Circle: Financing the Energy Transition – A New Horizon." Jabbarov emphasized discussions on existing opportunities and major challenges in achieving successful energy transformation, underscoring the critical importance of financing the energy transition.
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