During 11 months, 2012 2,820,016 tons of Turkmenistan oil was transported via the Baku-Tbilisi-Ceyhan (BTC) pipeline. The volume of transportation increased by 22.6% or 787,747 tons against the same period in 2011.
According to the SOCAR's press office, in November 2012 243,501 tons of Turkmenistan oil was pumped via BTC, up 47,651 tons against November 2011.
Turkmenistan oil extracted by two foreign companies (Petronas and Dragon Oil) in the Turkmenistan sector of the Caspian Sea within the framework of the production sharing agreements (PSA) is transported via BTC. They delivered this oil to the Iranian Neka port on the basis of swap contracts. In July 2010 they signed contract with SOCAR Trading on oil purchase-sale. SOCAR Trading buys oil on the Turkmenistan coastal terminal and delivers it to the terminal located on Sangachal. From there Turkmenistan oil is pumped to the BP Sangachal terminal via 5-km-long pipeline, from which BTC pipeline starts.
During 2010 a total of 1,270,000 tons of Turkmenistan oil was transported via BTC, in 2011 - 2,237,027 tons and by December 1, 2012 - 6,327,043 tons.-0-
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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