Three Companies Close to One of Payment Systems in Azerbaijan Being Liquidated

The European Commission views Azerbaijan's increasing gas supplies to Europe as a highly beneficial alternative source for ensuring the EU's energy security, said European Union Energy Commissioner Kadri Simson in an exclusive interview with Turan during her visit to COP29 in Baku.

The State Oil Company of Azerbaijan (SOCAR), which joined the global Oil and Gas Methane Partnership 2.0 (OGMP 2.0) earlier this year, hosted a forum on November 15 within the "Green Zone" of COP29. The event, titled "OGMP 2.0 Leadership Forum," brought together key stakeholders to discuss progress and prospects for methane emissions reduction in the oil and gas industry.

Simon Stiell, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), highlighted the urgency of climate financing discussions ahead of his visit to the G20 summit in Rio de Janeiro from November 17-20. Stiell, speaking before departing from Baku where the 29th session of the UNFCCC is currently underway, underscored the pivotal nature of the negotiations taking place.

The State Oil Company of Azerbaijan (SOCAR) is strengthening its presence in Bulgaria's gas distribution sector, aiming to capture 7.5% of the market by the end of 2024. Currently, SOCAR supplies half of Bulgaria's natural gas needs and plans to further increase its market share through strategic partnerships and expanded distribution.