SOCAR company will submit to the Azeri-Chirag-Guneshli project partners a draft of the new contract for development of deep lying gas on this bloc in the Azerbaijani sector of the Caspian Sea, high-ranking representative of SOCAR said. He said work on the draft contract is almost completed. "We are completing work on the draft of the contract. Work on the draft does not mean that it will be signed, because it needs to be coordinated. As soon as it is ready, we will submit it to BP and other partners and then we will start talks. I think we will find an agreement," said the same source. SOCAR's representative said that the contract, which will be signed by all partners of the project, will be concluded in a new format. "This will be the Risk Service Agreement (the contract with a minimum guarantee of repayment). The contract will be approved in parliament," he said.
Economics
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The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
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Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
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Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
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The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.
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