In 2015 State Oil Company of Azerbaijan (SOCAR) has spent over 350 million AZN for construction and major repair of the gas distribution network, reads the government’s report, which was released in March for the investors to attract money into the Southern Gas Corridor (funding SOCAR’s share).
According to the report, the funds have been spent to build over 12,000 km of gas pipeline, three measuring junctions, five gas distribution stations and three modular hydraulic power stations.
533.4 km of gas pipelines and 25 hydraulic power stations have been repaired.
As a result of the works, in 2015 Azerbaijan supplied with gas 430 settlements and 12 expanded settlements and 100,000 customers.
By January 1, 2016 number of SOCAR’s gas customers totaled 1.8 million.
By January 1, 2016 investments into the gas pipeline totaled $1 billion, while into the TAP gas pipeline – 600 million Euro.—0—
Economics
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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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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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