Oil Prices Surge 5% Amid Iran's Strikes on Israel

The State Oil Company of Azerbaijan (SOCAR) considers the provision of accessible energy as crucial in the context of a fair energy transition,  SOCAR Vice President Afghan Isayev said at a roundtable titled "Fair Transition Partnership and Mobilizing Investments" during the "Baku Climate Action Week." He emphasized the importance of finding a balance between phasing out subsidies and ensuring energy security for the population.

Azerbaijan exported 6.68 bcm of gas to Türkiye in January-July 2024, the monthly report of the Energy Market Regulatory Authority of Türkiye (EPDC). According to the information, Azerbaijani gas supplies to Türkiye increased by 10.2% compared to the figures from January-July 2023.

In Azerbaijan, 70% of greenhouse gas emissions are attributed to the energy sector, the Deputy Minister of Energy and Executive Director of COP29, Elnur Sultanov, said during the Climate Action Week in Baku. He noted that Azerbaijan is taking effective measures to "green" its energy sector.

The State Oil Company of Azerbaijan (SOCAR) will announce the results of its geothermal energy development efforts during COP29, SOCAR Vice President Afghan Isayev said today at a panel discussion as part of the Baku Climate Action Week. He also mentioned that SOCAR is collaborating with Lightsource BP, a company specializing in green energy, to build a 240 MW solar power plant in the Jabrayil region.