SOCAR Starts Drilling New Well in Caspian Sea

Achieving key renewable energy goals set at last year's global climate summit in Dubai will remain a pipe dream unless the world invests more than $30 trillion over the next six years. This stark warning was issued by the International Renewable Energy Agency (IRENA) in October during the final ministerial meeting ahead of the UN climate summit COP29, where funding for climate change mitigation measures will take center stage, Politico reported.

The Baku Olympic Stadium, the venue for the 29th session of the Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC), will be powered by a combination of solar energy, biofuel-based HVO generators, and hydroelectric power, the press service of the Azerbaijani operational company for COP29.

A meeting of the Supervisory Board of the State Oil Company of Azerbaijan (SOCAR)  was held last Saturday,  SOCAR's press service reported. During the meeting, chaired by the head of the board, Minister of Economy Mikayil Jabbarov, the results of SOCAR's audit for the first half of 2024 were discussed, as well as the company's key performance indicators for 2023, budget forecasts for 2024, environmental, social, and governance (ESG) goals, the results of ESG ranking research, and other issues.

The construction of the Iğdır-Nakhchivan gas pipeline is expected to be completed by the end of November, after which gas deliveries will begin, Polad Rustamov, Deputy Vice President of SOCAR and Head of Gas Operations at SOCAR Midstream Operations LLC,  stated at a briefing to the press.