Between 1994 and 2014 over $62 billion has been invested into the Azerbaijani oil and gas industry within the framework of the production sharing agreements (PSA), reads the article by Rovnag Abdullayev, SOCAR President, published in Azerbaijan newspaper.
Over 20 international companies were involved in the oil and gas operations in the Caspian Sea as a part of the Contract of the Century.
“SOCAR and its daughter companies are partners of the PSA, which have been signed with 27 companies from 15 countries,” reads the article.
From January to July 2015 4.1 billion AZN has been invested into the Azerbaijani oil industry, up 18.84% against the same period last year.—0—
Economics
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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Turkey aims to achieve carbon neutrality by 2053, transforming key sectors of its economy in line with a vision of "net-zero emissions and green development," President Recep Tayyip Erdogan announced at COP29 in Baku on Monday.
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