Turcas, a company owned by the State Oil Company of the Azerbaijan Republic (SOCAR), proposed construction of a gas pipeline from Israel to Turkey under the sea.
The initiative was offered to Turkey by Matthew Bryza, US ex-Ambassador to Azerbaijan and currently a high-ranking SOCAR official.
The project is worth $2.5 billion. Turcas plans to build a pipeline 470km long under the Mediterranean Sea from Port Mersin in Turkey. Bryza said that the pipeline could have a capacity of 16 billion cubic meters of gas.
Israel has recently discovered two major gas fields. One of them was named Taman. It is developed by NobleEnergy and has at least 240 billion cubic meters of gas 5,000m deep. The other one was named Leviathan, located on the maritime border of Lebanon. It has about 450 billion cubic meters of gas. Delek, Isramco and Dor Alon have already invested over €2.8 billion in the project. ( http://vestnikkavkaza.net/).
Economics
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Turkey is in talks with the United States seeking an exemption from sanctions imposed on Russia’s Gazprombank, a key financial institution for energy transactions, to maintain gas payments to Russia, Energy Minister Alparslan Bayraktar said on Tuesday.
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Kazakhstan is charting an ambitious course to transform its oil export infrastructure, aiming to increase annual shipments via the Baku-Tbilisi-Ceyhan (BTC) pipeline by more than thirteenfold—from the current 1.5 million tons to an estimated 20 million tons. The bold strategy, presented by Energy Minister Almasadam Satkaliyev during a parliamentary session, underscores Kazakhstan’s intent to become a major player in the energy supply chain stretching from Central Asia to Europe.
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Two new vice presidents have been appointed at BP's Azerbaijan, Georgia, and Turkey (AGT) region division, according to a press release from BP-Azerbaijan.
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Data on Azerbaijan's oil exports for January-October 2024 reveals a significant drop in both volume and value compared to the same period last year, highlighting the challenges facing the oil-dependent economy. The country exported 495,484.05 tons of oil products worth $309.02 million, a decrease of 40.3% in value and 40.7% in volume compared to 2023, when exports totaled 925,225.07 tons worth $572.21 million.
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