Time comes for Azerbaijani gas to lead European energy market

BAKU, Azerbaijan, The need for Azerbaijani gas in Europe, where there is currently an acute energy crisis, is growing rapidly, Trend reports.


As President of Azerbaijan Ilham Aliyev said on November 25 at the international conference under the motto “Along the Middle Corridor: Geopolitics, Security and Economics”, after the outbreak of war between Russia and Ukraine, applications were received from more than 10 European countries with a request to either increase or start gas supplies. Today, gas exports from Azerbaijan amount to approximately 22 billion cubic meters, more than 50 percent of which is supplied to the European countries.


At the moment, Azerbaijani gas supplies are carried out under already signed contracts, which indicate specific volumes. In order to meet the growing demand in the market, it is necessary to increase gas production, which is impossible without new agreements. Azerbaijan has great potential to increase gas production from such gas fields as Absheron, Umid, Babek, Asiman, Shafag and others.


To expand the geography of Azerbaijani gas supplies, the construction of additional pipelines is required, one of which is the Interconnector Greece-Bulgaria (IGB) that was commissioned on October 1, 2022. Thanks to this pipeline, the wholesale price of gas in Bulgaria fell by 34 percent at once. This is a clear example of how gas supplies from Azerbaijan, in addition to satisfying needs, increase competition in the market, thereby contributing to lower prices, which is so important for the European consumer at the moment.


The interconnector between Bulgaria and Serbia, which will allow Serbia to get access to Azerbaijani gas, is scheduled to be launched in 2023. The country already wants to sign a relevant contract with Azerbaijan without waiting for the infrastructure to be ready. Albania is also among the countries interested in importing Azerbaijani gas, and, currently, is a transit country for the Trans-Adriatic Pipeline (TAP).


Another important project in this regard is the Ionian-Adriatic Pipeline (IAP), which, by connecting to TAP, should supply gas to Bosnia and Herzegovina, Montenegro, Croatia, Hungary, North Macedonia, and other countries interested in getting access to Azerbaijani gas, due to higher energy vulnerability.


However, the most important issue which needs to be resolved in order to increase the supply of Azerbaijani gas to Europe is, of course, the expansion of the capacity of the Southern Gas Corridor (SGC).


President Ilham Aliyev stressed that this will require a consolidated position and investment by all shareholders.


“We need to expand the existing pipeline system which also is brand new. We just completed less than two years ago the final segment of the Southern Gas Corridor Trans Adriatic Pipeline (TAP) but already today, we see the demand to expand the capacity twice from ten to twenty bcm. That will need, of course, a consolidated position and investments of all shareholders,” Ilham Aliyev said.


“Azerbaijan has only twenty percent share in TAP. Therefore, we hope with partners we will get to that point, and also expansion of TANAP from 16 to 32 billion cubic meters. Because capacity of TANAP is almost fully engaged. So, all that will need, of course, additional investments. Of course for that we will need to have the arrangements of transit with our Turkish colleagues. Without that it will not be possible to satisfy the needs of European consumers and also growing needs of Turkish consumers,” the president added.


Thus, Azerbaijan has the potential and the desire to supply more gas to Europe and ensure the energy security of the continent, and the European countries, as it’s seen, are striving to expand partnership with Azerbaijan, which has proven its reliability more than once. However, in order to turn the desired into reality, substantive commercial negotiations are needed now, backed up by concrete steps, since increasing gas production and expanding existing infrastructure also require a certain amount of time.


Source: TREND News Agency

Iranian currency rates for November 27

BAKU, Azerbaijan, The Central Bank of Iran (CBI) announced an official rate of foreign currencies on November 27, Trend reports referring to CBI.


According to the currency exchange rate of the Central Bank of Iran, 22 currencies increased and 12 have decreased in price, compared to November 26.


According to CBI, $1 equals 42,000 Iranian rials and 1 euro equals 43,725 rials.

In Iran, the official exchange rate is used for the import of some essential products.


SANA system is a system introduced by the Central Bank of Iran to the currency exchange offices, where the price of 1 euro is 302,610 rials, and the price of $1 is 290,672 rials.


NIMA is a system intended for the sale of a certain percentage of the foreign currency gained from export.

The price of 1 euro in this system is 290,900 rials, and the price of $1 is 279,424 rials.


On the black market, $1 is worth about 353,000-356,000 rials, while 1 euro is worth about 367,000-370,000 rials.


Source: TREND News Agency

MOL Group boosts capex on dev’t of Azeri-Chirag-Gunashli

BAKU, Azerbaijan, Hungarian MOL Group’s capital expenditure (capex) on development of Azeri-Chirag-Gunashli (ACG) block of oil fields in the Azerbaijani section of the Caspian Sea stood at $38.7 million in the third quarter of 2022, as compared to $37.4 million in the same period in 2021, Trend reports with reference to the company.


As such, the company’s capex on ACG development rose by 3.5 percent year-on-year. Other expenditures of the company on the block equaled to $0.8 million in Q3 2022, as compared to $0.5 million in Q2 2021.


Total oil output from the Azeri-Chirag-Gunashli (ACG) field amounted to 418,000 barrels per day for the first three quarters of 2022, as compared to 461,000 barrels per day in the same period of 2021. As such, ACG production fell by 9.33 percent year over year.


BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.


ACG participating interests are: bp (30.37 percent), SOCAR (25 percent), MOL (9.57 percent), INPEX (9.31 percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU (3.65 percent), ONGCVidesh (2.31 percent).


Source: TREND News Agency

Azerbaijan to expand co-op with Vietnam in oil industry, renewables

BAKU, Azerbaijan, The discussions on the expansion of the cooperation with Vietnamese companies in the fields of oil refining and renewable energy were held during the meeting of Azerbaijan’s Minister of Energy, Parviz Shahbazov, with the delegation led by Deputy Chairman of the Foreign Relations Commission of the Communist Party of Vietnam, Nguyen Thi Hoang Van, Trend reports via the Ministry of Energy of Azerbaijan.


Moreover, the creation of a ‘green energy’ zone on the liberated territories was also discussed.


“The importance of the Azerbaijan-Vietnam Intergovernmental Commission on Economic, Trade, Scientific, and Technical Cooperation was mentioned during the meeting. The implementation of the protocol adopted during the last meeting, as well as the further prospects for bilateral relations in the energy sector were assessed. In addition, the sides agreed to hold the next meeting in the near future,” said the statement.

During the meeting, it was also mentioned that Azerbaijan and Vietnam are located on the historical Silk Road and that the existing international transport infrastructure as well as the North-South, East-West Transport Corridors can contribute to the development of economic, commercial, and transit relations between the two countries.


Source: TREND News Agency

Final day of 1st Ojag International Rhythmic Gymnastics Cup held in Baku

BAKU, Azerbaijan, The final day of the 1st International “Ojaq Cup” in Rhythmic Gymnastics is being held at the National Gymnastics Arena in Baku, Trend reports.


Today, within the individual performances program, the competition among gymnasts born in 2010 and in the age category “juniors” will be held.


Among the teams in group exercises, gymnasts born in 2015–2016, 2012–2014, and 2010–2011 will perform.


On November 25–27, the Ojaq Sports Club holds the 1st International “Ojaq Cup” in Rhythmic Gymnastics. The athletes, representing 13 countries, including over 200 Azerbaijani gymnasts, take part in the competition.


Among the participants are young gymnasts born in 2007–2016, who perform both in the individual program and in group exercises.


Source: TREND News Agency

Joyful to perform at Ojag International Cup – medalist in rhythmic gymnastics

BAKU, Azerbaijan, It’s a joy for me to perform at the 1st Ojag International Rhythmic Gymnastics Cup, a medalist of the competition, a representative of the “Grasiya” Sports Club Nazrin Abdullayeva told Trend.


At the Ojag International Cup Nazrin Abdullayeva won three awards – “gold” for the exercise with a hoop, bronze medals in the all-around and program without equipment among gymnasts born in 2010.


“I have been doing sports for six years. Before that, I participated in various tournaments, but for the first time I achieved such a good result in competitions held at the National Gymnastics Arena. Ojag International Cup is organized very well, I like everything,” she said.


According to the young gymnast, now she has to seriously prepare for the next important competitions.


“United competitions in gymnastic disciplines will be held in Sheki in December, within the framework of which the championship in rhythmic gymnastics will be held. I think that in order to win, you need to work hard, listen carefully to the coach, and not stop at the achieved result,” she added.


On November 25–27, the Ojag Sports Club holds the 1st International “Ojaq Cup” in Rhythmic Gymnastics. The athletes, representing 13 countries, including over 200 Azerbaijani gymnasts, take part in the competition.


Among the participants are young gymnasts born in 2007–2016, who perform both in the individual program and in group exercises.


Source: TREND News Agency