Azerbaijan’s Oil Fund income from ACG decreases by 10%

Starting from September 1, 2024, the State Oil Company of Azerbaijan Republic (SOCAR) has begun supplying gas to Croatia. Exactly a month ago, Slovenia became an importer of Azerbaijani gas. According to SOCAR’s press service, the successful collaboration between the governments of Azerbaijan and Croatia has further strengthened Azerbaijan's role as a reliable energy partner and gas supplier for Europe, especially with the upcoming winter season. The gas is being supplied through PPD and MET Group.

A fire occurred on Offshore Platform No. 4 of the “28 May” Oil and Gas Production Department of SOCAR. According to the report from the “Azneft” Production Association, the incident happened on the evening of September 2. Firefighting vessels were promptly dispatched to the site, preventing the spread of the fire, which was fully extinguished.

From January to August 2024, the State Oil Fund of Azerbaijan (SOFAZ) received $364.465 million from the development of the “Shah Deniz” field in the Azerbaijani sector of the Caspian Sea. According to the SOFAZ report, this amount is $818.535 million, or 3.2 times less than the income for the same period in 2023.

On September 2, the hydroelectric power plant (HPP) “Yukhari Veng” on the Terter River in the Kalbajar  region was officially opened with the participation of Azerbaijani President Ilham Aliyev and First Lady Mehriban Aliyeva. According to OJSC “Azerenergy,” which owns the new HPP, the new generating facility, with a capacity of 22.5 MW, will fully meet the electricity needs of the Kalbajar region throughout the year for the next 5 years.