The Baku office of the World Bank on February 4, the signing of the Administrative Agreement on the next, the fourth stage of cooperation to reduce gas flaring. The document was signed by World Bank country manager Larissa Leshchenko and vice-president of the State Oil Company (SOCAR) Rafiq Huseynzade.
WB is the leading party in the global partnership to reduce gas flaring GGFR. This partnership leading oil producer aims to reduce gas flaring and emissions to atmosphere.
SOCAR has joined the partnership in 2008. "During this period we have managed to reduce the flaring of associated gas from oil fields to 97%. Burning the remaining 3%, we intend to eliminate over Blajan 1-1.5 years, said Rafiq Huseynzade.
Over the last 5 years SOCAR could stylize over 500 million cubic meters of low-pressure gas and deliver it to consumers. This means that the emission into the atmosphere of at least 8 million tonnes of CO2 (carbon dioxide) was prevented.
The new agreement with SOCAR offers advanced features of the measurement of combustion and venting of associated gas and associated reporting system. The document also provides for cooperation with SOCAR GGFR and the Ministry of Environment and Natural Resources in the development of a legislative and regulatory framework to reduce gas flaring. - 08C-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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