EU Energy Commissioner Oettinger welcomes the ratification of the TANAP agreement by the Azerbaijan parliament: "This Decision to ratify the TANAP agreement shows the concrete determination of Azerbaijan to bring its gas to Europe. This pipeline will mean that gas is brought to Europe's border, to then freely circulate within the European Union. It is a pleasure to welcome Azerbaijan, and more especially SOCAR, to the European Union's energy market", he said.
TANAP will take gas from the Eastern Turkish border to the Western Turkish border, providing for stable transit across the whole country. The project will link to the expanded Southern Caucasus pipeline starting in Azerbaijan to a variety of proposed pipelines in the European Union. TANAP will contribute to both Turkey's and the EU's security of supply. -0-
Economics
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BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18. This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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