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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The State Oil Company of Azerbaijan (SOCAR) and Italy's Eni S.p.A. have signed a Memorandum of Understanding (MoU) focused on energy transition. Azerbaijani Economy Minister Mikail Jabbarov announced the agreement on his account on the social network "X".
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Azerbaijani Economy Minister Mikail Jabbarov met on July 29 with Ali Kibar, Chairman of Turkish conglomerate Kibar Holding, to discuss strengthening bilateral cooperation, boosting investment in industrial production, and supporting partnerships in the energy sector.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved the application form specified in Article 30.1 of the Competition Code. This decision aims to align with the President’s decree No. 1051-VIQ dated December 2, 2023, and address regulatory requirements related to the implementation of the Competition Code.
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Azerbaijani President Ilham Aliyev has issued a decree amending the Land Code of the Republic of Azerbaijan, effective January 2025. The legislative adjustments aim to refine the management and use of agricultural land and enhance regulatory processes.
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