Since 2015 State Oil Company of Azerbaijan (SOCAR) will start gasoline production in correspondence with Euro-3 standards, David Mammadov, SOCAR Vice President for Refining, told journalists at the session of CEIBC while commenting on the statement of Ramiz Hasanov, chairman of the State Committee for Standardization, Metrology and Patent, about introduction of Euro-3 standard in Azerbaijan since January, 2014.
“The Euro-3 standard will most likely be applied to the engines of cars imported from abroad,” Mammadov said.
He said transition to Euro-5 standard fuel in Azerbaijan will be on a stage-by-stage basis.
“We plan to transit to Euro-5 in 2023-2025, when the new oil and gas refining complex is launched in Baku’s Garadag district.
Till that time Azerbaijan will manufacture Euro-3 standard fuel,” SOCAR Vice President.—0—
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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