Kazakhstan Attracts Over $3.5 Billion in Green Energy Investments
Kazakhstan has attracted over $3.5 billion in investments for green energy at the COP29 event in Baku, according to a press release from the Ministry of Energy of Kazakhstan. Specifically, the Minister of Energy, Almasadam Satkaliev, signed a Memorandum of Understanding with the Asian Development Bank (ADB). The document aims to accelerate the decommissioning of coal-fired power plants, increase the use of renewable energy sources, improve energy efficiency, and introduce new technologies in electricity and heat generation.
Among the signed agreements was one with the Government of China on renewable energy projects, which aims to collaborate on combating global warming, transitioning to clean technologies, and reducing emissions. The total investment in these projects is expected to exceed $2 billion.
Additionally, an agreement was reached on investments in a wind power project in the Zhambyl region with Abu Dhabi Future Energy (a subsidiary of Masdar). The anticipated investment in this project is $1.5 billion.
During the conference, the Minister of Energy of Kazakhstan also held a series of meetings with representatives of the UN, ACWA Power, Masdar, and ADB.
Energy
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In 2024, oil production with condensate in Azerbaijan totaled 29.1 million tons, according to preliminary data from the Ministry of Energy. In 2023, Azerbaijan produced 30.15 million tons of oil and condensate. Thus, over the year, the volume of liquid hydrocarbons produced in the country decreased by 3.48% or 1.05 million tons.
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In December 2024, Azerbaijan's daily oil production with condensate amounted to 80,776 tons (609,000 barrels). According to the Ministry of Energy of Azerbaijan, of this amount, 65,987 tons (487,000 barrels per day) were oil, and 14,789 tons (122,000 barrels per day) were condensate. Thus, in December, Azerbaijan used 88.2% of its OPEC+ quota. Under the agreement reached at the 36th meeting of OPEC+ ministers, Azerbaijan's oil production quota for 2024 is set at 551,000 barrels per day (74,259 tons).
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In 2024, Azerbaijan produced 50.3 bcm of gas, including the volumes injected into oil wells to maintain reservoir pressure. According to the Ministry of Energy of Azerbaijan, gas production increased by almost 2 bcm compared to 2023.
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In January-December 2024, Azerbaijan increased its gas exports by 5.8% compared to the same period in 2023, reaching 25.2 bcm, the Ministry of Energy of Azerbaijan reported. According to the Ministry, 12.9 bcm of Azerbaijani gas were supplied to Europe in 2024, accounting for 51% of total exports.
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