The European Union increased its oil purchases from the United States to a 10-year high - totaling $12.17 billion for all of 2024. According to data from the U.S. statistical agency, 173.8 million barrels of American oil were exported to the EU. Compared to 2023, deliveries grew by 40%. The five largest importers of American oil in the EU were the Netherlands, Belgium, France, Poland, and Germany.
The Netherlands purchased oil worth $6 billion, Belgium bought almost three times less at $2.32 billion, and France imported $1.6 billion worth of oil from the US. Meanwhile, shipments to the European market make up about 10% of total US oil exports.
Energy
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On the evening of last Friday, around 9 p.m., the Production Union "Azneft" (the extracting structure of SOCAR) confirmed a leak on an underwater oil pipeline in the Caspian Sea. This pipeline transports oil extracted from the "Neft Dashlary" field towards the Dubendi shore terminal, located in the northern eastern part of the Absheron Peninsula.
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The international rating agency Fitch Ratings predicts that the gross revenue of the State Oil Company of Azerbaijan (SOCAR) in 2025 will reach $45.935 billion. According to Fitch, SOCAR’s operating profit before taxes, interest, and depreciation (EBITDA) is expected to be $3.317 billion. "Favorable oil and gas prices have strengthened SOCAR’s financial performance," notes Fitch. The agency estimates that the company's revenue for 2024 will amount to $50.061 billion, with an operating EBITDA of $3.535 billion.
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Over the past 10 years, the State Electricity Distribution Company “Azərişiq” (the state monopoly for electricity distribution in Azerbaijan) has laid 20,000 km of power lines of various voltage levels, Vusal Ganbarov, the technical advisor to the chairman of “Azərişiq” stated.
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Azerbaijan, Georgia, Türkiye, and Bulgaria have agreed on the text of a draft quadripartite Memorandum of Understanding on cooperation in the field of green energy transmission, the Ministry of Energy of the Republic of Azerbaijan announced at the end of last week.
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