BAKU, Azerbaijan, Apr.17
By Fidan Babayeva - Trend:
OPEC published this week (April 12-18) a forecast of growth in production of liquid hydrocarbons in Azerbaijan by 0.03 mb/d to average 0.76 million barrels per day in 2021 following a decline of 0.06 million barrels per day in 2020, Trend reports.
Besides, in the outgoing week, the State Oil Company of Azerbaijan (SOCAR) disclosed the volume of investments in Turkey. The company recently implemented investment projects in the country for more than $13 billion.
Furthermore, it was reported that the Ministry of Foreign Affairs of Spain expressed hope for the participation of the country’s companies in new petrochemical projects in Azerbaijan.
“Some Spanish companies are already working in Baku's refinery modernization and we hope new projects will come for Spanish companies in the petrochemical," the ministry said.
This week the International Energy Agency (IEA) noted in its report that Azerbaijani gas was among the drivers of Eurasian gas output growth in the first quarter of 2021.
“Following the steep drop during the first half of 2020, Eurasian gas production losses moderated in the second half of the year and returned to growth in Q1 2021, largely driven by higher gas output in Azerbaijan and Russia,” IEA said.
According to the agency’s estimates, Azerbaijan’s gas production increased by 5 percent year-on-year from October 2020 through February 2021.
“This was largely driven by the ramp-up of pipeline exports via the TANAP and TAP pipeline systems. Exports of gas via TAP to Europe totaled over 1 bcm,” added IEA.
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