Azerbaijan exported in January-June this year oil and gas production for a total of more than $ 16.2 billion, or $ 1.26 billion or 7.2% less than in the corresponding period of 2011. The share of oil and gas exports amounted to 94.1% of the total merchandise exports of the country, which is 1.6% less than in the previous year.
According to the balance of payments, the total volume of oil exports for the period $ 14.8 billion (for the first half of 2011 - $ 15.9 billion), or 95% was contributed by crude oil, $ 805.3 million - the share of petroleum products. In the structure of exports of crude oil price produced the Azerbaijan International Operating Company (AIOC) of oil was $ 13.9 billion ($ 14.9 billion). During the reported period, other companies of the country exported oil at $ 908.1 million ($ 914.3 million), including $ 839.1 million ($ 862.9 million) - State Oil Company.
Gas exports for the six months were approximately $ 605 million (for the same period in 2011 - $ 765 million). - 15B -
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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