Azerbaijan to receive $1.5bn to boost energy sector

A loan worth $1.5 billion will be given to Azerbaijan to improve its energy, transport and urban sectors. The Asian Development Bank is providing the money to develop eight projects including power, transport and water sectors. The energy projects will help improve the country’s electricity distribution network and provide reliable and continuous energy supply to homes […]

IAEA to boost nuclear education in Europe and Asia

An agreement has been signed by 12 universities to improve regional co-operation in transferring nuclear knowledge. It aims to bring together universities from six countries in Eastern Europe and Central Asia, including Azerbaijan, Belarus and Kazakhstan. It is the fifth regional network launched by the International Atomic Energy Agency (IAEA). It aims to collaborate in nuclear education programmes and nuclear […]

Azerbaijan gas field receives $1bn boost

An offshore gas field project in Azerbaijan is receiving funding worth $1billion (£0.64bn). The project, Shah Deniz Stage II, will bring gas to south-eastern Europe, a region said to be substantially dependent on coal and gas from a single source of supply. It will be transported through a chain of pipelines, including the planned Trans-Anatolian and Trans-Adriatic […]

Azeri methanol firm to raise $1bn through bonds

A petrochemical company in Azerbaijan has announced plans to raise $1 billion (£0.6bn) through bonds in London. Azerbaijan Methanol Company (AzMeCo) supplies methanol to customers worldwide, including 180,000 tonnes a year marketed globally by BP Chemicals. The company’s financial adviser, Highgrove Securities LLP, said the securities will be offered to investors in a private placement. However, […]

$1bn for Azerbaijan’s power network

A $1 billion (£0.65bn) fund is being invested in Azerbaijan’s power distribution network. It will be used to upgrade and expand the power distribution lines, substations and customer service lines as well as replace existing electric meter devices with digital devices. The Asian Development Bank (ADB) is lending $750 million (£490m) while the Government of Azerbaijan will […]

BP to hunt oil off Azerbaijan coast

British oil giant BP is to hunt for oil and gas in the Caspian Sea with a new Azerbaijani partner. Yesterday it signed an agreement to explore the shallow water area around the Absheron Peninsula with Azerbaijan’s state oil company SOCAR. This stretch of the coast is home to Baku (pictured), the capital of Azerbaijan. […]

Statoil sells gas field stake for $2.25bn

Statoil has sold its 15.5% share in a gas field in the Caspian Sea to Malaysian company Petronas for $2.25 billion (£1.4bn). The Norwegian firm’s production from the Shah Deniz field in the second quarter of this year was 38,000 barrels of oil equivalent per day. Located 70 kilometres south-east of Baku, the capital city […]

Energy efficiency in Azerbaijan gets $3m boost

A London-based bank is providing $3 million (£1.8m) for energy efficiency and renewable energy projects in Azerbaijan. Muganbank will lend the cash to households and businesses to finance green and energy-saving projects such as double-glazed windows, solar water heaters, insulation and roof-top solar installations. Neil McKain, the European Bank for Reconstruction and Development’s (EBRD) Head […]

$5m for energy efficiency in Azerbaijan

Thousands of householders and local businesses in Azerbaijan can install energy-saving measures, thanks to a $5 million (£3m) grant provided by a London-based bank. Demirbank will use the cash to help people install energy efficient and renewable technologies such as insulation, double-glazed windows, solar water heaters and rooftop solar panels. The loan is part of […]

UK energy services firm wins £36m Azerbaijan contract

Aberdeen-based energy services company Wood Group has bagged a £36 million contract with BP in Azerbaijan. The deal will cover engineering and project management services for the Shah Deniz gas field in the South Caspian Sea off the coast of Azerbaijan. Last year a group of companies led by BP signed a multi-billion dollar deal […]