BAKU, Azerbaijan, July 11. Germany is counting on an increase in gas supplies from Azerbaijan, Trend reports.
Cooperation between the State Oil Company of Azerbaijan (SOCAR) and Uniper has great prospects in this matter. Uniper is one of the largest gas suppliers to our country, and cooperation with SOCAR is very valuable in terms of gas transportation from Azerbaijan via the Southern Gas Corridor to Germany.
Germany is ready to support Azerbaijan in production of green hydrogen. Thanks to bilateral long-term partnership and technology between the countries, Germany can share its experience and is ready to become a consumer of green hydrogen from Azerbaijan
Uniper and Siemens will launch an energy gas turbine plant for the Azerkimya production association of the State Oil Company of Azerbaijan (SOCAR) in Azerbaijan. This pilot project, which is currently being operated in a test mode, will open up new directions for the development of similar projects for German manufacturers in Azerbaijan.
Azerbaijan has become an example of how an oil and gas country becomes a producer of renewable energy sources.
Moreover, Azerbaijan has overcome a significant path in its energy development. Starting with the development of the oil industry, the country switched to the use of natural gas, and now Azerbaijan is working on the development of green energy. Active cooperation is going with bp, Masdar and other energy companies.
bp and SOCAR are discussing the technical and commercial parameters of extracting deep gas in the Azeri-Chirag-Gunashli (ACG) block.
The drilling of an appraisal well has been completed, and the data interpretation is essentially finished. Discussions are underway with SOCAR on development, commercial and technical issues. By the end of the year, the parties expect to come to a clear vision of the issue. Moreover, negotiations on bp's Shafag solar energy project in the Jabrayil district are already being completed, all possible preparatory processes are nearing completion. The parties hope that after the completion of technical and commercial works, which are the final moments, it will be possible to announce the final investment decision on this project.
Meanwhile, the revenues of Southern Gas Corridor CJSC, headquartered in Azerbaijan, increased by 50.3 percent year-on-year from $1.8 billion in 2021 to $2.6 billion in 2022. Its gross profit was $2.3 billion as of December 31, 2022, compared to $1.4 billion as of December 31, 2021 (an increase of 64.3 percent). Operating profit increased from $1.13 billion to $1.97 billion, an increase of 74.3 percent.
The company's net debt decreased from $7.44 billion in 2021 to $6.97 billion in 2022 (by 6.2 percent year-on-year). Long-term loans totaled $6.4 billion in 2022 compared to $6.9 billion in 2021 (a decrease of 7.6 percent).
The short-term and current portion of long-term borrowings amounted to $781 million in 2022 against $750.2 million in 2021 (a decrease of 4.1 percent). The company's capital was $10.4 billion last year, while this figure was $9.7 billion in 2021. Thus, its capital grew by 7.4 percent.