Baku/27.04.18/ Turan: The State Oil Company of Saudi Arabia Saudi Aramco has opened a subsidiary company in Azerbaijan.
The Ministry of Taxes of Azerbaijan registered ARAMCO Overseas Company Azerbaijan LLC on March 2, 2018. The authorized capital of the company is 10 thousand euros.
Earlier it was reported the Minister of Energy of Azerbaijan Parviz Shahbazov discussed questions of expanding bilateral cooperation in the energy sector with the King of Saudi Arabia Salman bin Abdul Aziz Al Saud and with the Minister of Energy, Industry and Natural Resources Khalid al-Falih in January 2018.
In addition, the parties decided to establish a working group between the relevant ministries of the two countries to develop energy cooperation. -0-
Energy
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Gas reserves in Europe’s underground gas storage (UGS) facilities have fallen below 66%, and the withdrawal rate since the beginning of the heating season is 28% higher than the average for the past five years, data from Gas Infrastructure Europe (GIE).
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British oil and gas company BP Plc expects a decline in upstream production (exploration and extraction of oil and gas) volumes in the fourth quarter compared to the third, with negative trends anticipated in both the oil and gas sectors. It should be noted that BP's final report for the last quarter will be published on February 11.
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SOCAR Turkiye, the largest foreign investor in Türkiye and an integrated industrial group, has finalized the sale of its gas distribution networks, Bursagaz and Kayserigaz, to AKSA Enerji, announced SOCAR Turkiye. According to the statement, following the completion of the transaction, these companies will be managed by the new owner.
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At the opening ceremony of Abu Dhabi Sustainability Week (ADSW), Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technologies, introduced an innovative breakthrough in renewable energy. The Minister announced the launch of the world’s first renewable energy production facility capable of providing continuous and large-scale clean energy supply, marking a significant milestone that redefines the role of renewable energy in global energy systems.
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