SOFAZ Reduced Foreign Currency Sales at Currency Auctions by 26% in 2017

The president of the Open Joint Stock Company "Azerenerji" (the state monopoly for electricity production and export in Azerbaijan), Balababa Rzayev, received a severe reprimand. According to the press service of the Cabinet of Ministers of Azerbaijan, Prime Minister Ali Asadov signed the relevant order on this matter on October 5. The order stated that the head of "Azerenerji" was reprimanded for violating the gas usage directions approved in the fuel and energy balance for 2024, as well as for exporting electricity without proper coordination with the government.

This year, Azerbaijan is expected to export 9.6 bcm of gas to Italy, the Minister of Energy Parviz Shahbazov stated during a meeting with the Italian Minister of Environment and Energy Security, Gilberto Pichetto Fratin, while visiting Brazil, the press service of the Ministry of Energy of Azerbaijan. The expansion of energy ties, particularly the cooperation of the State Oil Company of Azerbaijan (SOCAR) with the company Eni S.P.A, the increase in the capacity of the Trans Adriatic Pipeline (TAP), the participation of CESI in the technical and economic justification of the "Caspian-Black Sea-Europe" corridor, and the possibilities for expanding renewable energy supplies were noted.

The State Oil Company of Azerbaijan (SOCAR) has managed to reduce greenhouse gas emissions at its urea plant, Azad Huseynov, the chief data specialist of the company’s subsidiary "Caspian Innovation Center,"stated  during discussions at the Baku Climate Action Week forum. "An ENOM (Energy Network Optimizing Model) system based on artificial intelligence has been implemented at SOCAR's urea plant. This technology has already demonstrated its effectiveness.

The Closed Joint Stock Company "Azerbaijan Caspian Shipping" (ASCO) is beginning to use new types of fuel to achieve zero emissions, ASCO Chairman Rauf Veliyev told journalists. He noted that an order has already been placed with the Baku Shipbuilding Plant for the construction of the first hybrid diving vessel. "Both the concept and engineering of this project were developed by the ASCO Research Institute. This is one of the steps taken to achieve the zero-emission goal. Shipping, in general, is a type of international trade activity worldwide. Therefore, we are building our operations not only in accordance with Azerbaijani legislation but also in compliance with international convention requirements," he said.