Azerbaijan keen to invest in LNG sector: minister

31/01/2019 09:32 LNG


Azerbaijan has shown interest in the liquefied natural gas (LNG) sector and planned to invest through State Oil Company of Azerbaijan Republic (SOCAR), a government official said on Wednesday.

In this regard, Pakistan and Azerbaijan will constitute a joint working group on energy, federal Minister for Petroleum Ghulam Sarwar Khan said during a meeting with Chingiz Coribhi, deputy head of mission of Azerbaijan, at the Petroleum Division.


The two sides had entered into an inter-governmental agreement (IGA) in February 2017 for the supply of a number of oil and gas products, including furnace oil, petrol, diesel and LNG.


The deputy head of mission said SOCAR’s activities include exploration of oil and gas, production, processing and transportation of oil, natural gas and gas condensate, as well as marketing of petroleum and petrochemical products in domestic and international markets.


Azerbaijan’s daily production of crude oil is approximately 860,000 barrels per day (bpd) and its annual gas production is approximately 29.4 billion cubic feet.


Exxon Mobil considers sale of Malaysian offshore assets for up to $3 bln

09/10/2019 14:54:00

U.S. energy giant Exxon Mobil Corp is considering a sale of its Malaysian upstream offshore assets for up to $3 billion, Bloomberg reported on Wednesday.


Zimbabwe hikes average electricity tariff by 320% - energy regulator

09/10/2019 13:25:00

Zimbabwe has increased the average electricity tariff by 320% to let the state power utility ramp up production and improve supplies at a time of daily rolling power cuts, the national energy regulator said on Wednesday.


Daily (09.10.2019): European carbon prices reached EUR 23 a tonne on Tuesday, on worries over Brexit negotiations

09/10/2019 10:50:00

Crude oil prices traded lower on Tuesday, after Donald Trump reported that a quick trade deal will unlikely happen soon. Meanwhile, oil prices were supported by protests in OPEC members Iraq and Ecuador, which threatened to disrupt their oil output. Hence, WTI futures fell by 0.2% to $52.63 a barrel, while Brent crude edged 0.2% down at $58.24 a barrel.