SOCAR and “Gazprom Neft” Discuss Cooperation

The State Oil Company of Azerbaijan (SOCAR), founded in September 1992, plans to diversify its project portfolio towards low-carbon initiatives by 2035, Hikmet Abdullayev, SOCAR's Deputy Vice President, said   at  a panel discussion at Baku Climate Week. "SOCAR has a clear vision of how our company will evolve from an oil and gas entity into a national energy company. We believe that by 2035, we will have a diversified portfolio that includes low-carbon projects alongside hydrocarbon extraction assets," he stated.

On October 2, British bp, SOCAR Green (a subsidiary of SOCAR), and the Azerbaijan Investment Company (AIC) signed a Joint Participation Agreement in Baku for the construction of the 240 MW “Shafag” solar power plant in Jabrayil.

Serbian company “Srbijagas” Director Dušan Bajatović stated that gas supplies from Azerbaijan cannot fully replace Russian gas imports for Serbia. "With the contract with Azerbaijan, we have shown our desire to diversify, but the problem is that Azerbaijan currently does not have such volumes of available gas. At the moment, such volumes can only be procured from Russia," Bajatović  said during a broadcast on Serbian Radio and Television (RTS).

In September 2024, alternative and renewable energy sources accounted for 35% of the total electricity generated in the Nakhchivan Autonomous Republic, the State Energy Service of Nakhchivan. According to the agency, the share of electricity produced from hydropower plants decreased in September due to low water levels in rivers. Last month, 65% of electricity was generated at thermal power plants, 20% at hydropower plants, and 15% at solar power plants.