SOCAR and VNG signed a Memorandum of Understanding
On June 25, the State Oil Company of the Republic of Azerbaijan (SOCAR) and the leading German energy company VNG signed a Memorandum of Understanding to expand cooperation in the field of natural gas and renewable energy sources. According to SOCAR, this Memorandum of Understanding will contribute to the development of sustainable energy solutions and international cooperation. The document provides for the exchange of experience in exploring the possibilities of natural gas supplies and the use of gas infrastructure. According to the Memorandum, the parties will explore the possibilities of cooperation on projects related to the transition to renewable energy and decarbonized gases.
Energy
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At a meeting in Istanbul, the board of directors of SOCAR Türkiye discussed the company’s goals and projects for the upcoming year, SOCAR Türkiye reported.
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As of January-November 2024, Azerbaijan’s electricity production totaled 23.55 billion kWh, by 2.2% lower than in the same period last year.
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From January to November 2024, Azerbaijan exported 1.745 billion kWh of electricity worth $93.9 million, the monthly report of the State Customs Committee of Azerbaijan. This is by $285.4 million (75.2%) less than in the same period last year and 2.178 billion kWh (55.5%) less in volume. Electricity exports during the reporting period accounted for 0.39% of Azerbaijan’s total exports and 3.04% of non-oil sector exports.
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Türkiye has received an exemption from the United States for "Gazprombank" in relation to payments for Russian gas, the NTV channel reported citing a statement by Türkiye's Minister of Energy, Alparslan Bayraktar. It is noted that this issue was previously discussed with U.S. Secretary of State Antony Blinken during his visit to Türkiye.
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