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☆ Tackling Climate Change in the Birthplace of Oil
▼ + stars: | 2024-01-11 | by ( Manuela Andreoni | More About Manuela Andreoni | ) www.nytimes.com time to read: +1 min

For the second year in a row, the United Nations climate summit known as COP will take place in a petrostate. COP29 will be in Baku, Azerbaijan, and overseen by Mukhtar Babayev, who worked for more than two decades at Socar, Azerbaijan’s state-owned oil company. There’s a precedent: Last year’s climate summit was controversially hosted by the United Arab Emirates and led by Sultan Al Jaber, who also runs the Abu Dhabi National Oil Company. It remains to be seen whether Babayev, a former low-ranking executive who is now Azerbaijan’s environment minister, will have the same impact. But there is also a poignant historical resonance to COP29: By some measures, Azerbaijan is where the modern oil industry began.

Persons: Mukhtar Babayev, There’s, Sultan Al Jaber, Al Jaber’s, COP28 Organizations: United Arab, Abu, Abu Dhabi National Oil Company Locations: United Nations, Baku, Azerbaijan, Socar, Azerbaijan’s, United Arab Emirates, Abu Dhabi

☆ ‘Bad case of déjà vu’: Oil industry veteran to lead next round of UN climate talks in Azerbaijan
▼ + stars: | 2024-01-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Azerbaijan's Minister for ecology and natural resources and formerly an executive at state oil company SOCAR Mukhtar Babayev (C) visits at the Norm cement plant in Baku, on February 23, 2023. Azerbaijan named on January 5, 2024, Mukhtar Babayev minister to preside over the November 2024 COP29 meeting, in Baku, on January 6, 2024. A former executive of Azerbaijan's state-owned oil and gas firm SOCAR has been picked to lead U.N. climate talks in Baku later this year, prompting critics to decry a "bad case of déjà vu." It means that a minister with vast experience in oil and gas will lead negotiations at the U.N.'s biggest and most important annual climate conference for the second consecutive year. Campaign group Global Witness said Babayev's appointment as the person to lead COP29 discussions was a "bad case of déjà vu."

Persons: SOCAR Mukhtar Babayev, Mukhtar, decry, Mukhtar Babayev, Babayev, Jaber, COP28, Alice Harrison, Harrison Organizations: Norm, United, Emirates, Abu, Abu Dhabi National Oil Company, Global, United Nations, CNBC Locations: Baku, Azerbaijan, Azerbaijan's, Sultan Al, Dubai, Abu Dhabi

☆ Israel awards gas exploration licences to ENI, BP and four others
▼ + stars: | 2023-10-29 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, Oct 29 (Reuters) - Israel's Energy Ministry said on Sunday it had awarded 12 licenses to six companies to explore for natural gas off the country's Mediterranean coast, aiming to create more competition and diversify suppliers. It said that one group that includes ENI (ENI.MI), Dana Petroleum and Ratio Energies (RATIp.TA) will explore in an area west of the massive Leviathan field, which supplies Israel with gas and is also used for export. Another group comprised of BP (BP.L) Socar (403550.KS) and NewMed (NWMDp.TA) will explore north of the Leviathan, the ministry said. "The winning companies have committed to unprecedented investment in natural gas exploration over the next three years, which would hopefully result in the discovery of new natural gas reservoirs," said Energy Minister Israel Katz. Reporting by Ari Rabinovitch and Steven Scheer; Editing by Susan Fenton and Giles ElgoodOur Standards: The Thomson Reuters Trust Principles.

Persons: Israel Katz, Ari Rabinovitch, Steven Scheer, Susan Fenton, Giles Elgood Organizations: Israel's Energy Ministry, ENI, Dana Petroleum, BP, Energy, Thomson Locations: Israel, Europe

☆ Exclusive: Russia’s Lukoil lends Socar $1.5 billion in deal to supply its Turkish STAR refinery
▼ + stars: | 2023-10-05 | by ( Dmitry Zhdannikov | ) www.reuters.com time to read: +3 min

A general view shows the oil refinery of the Lukoil company in Volgograd, Russia April 22, 2022. Turkey has not imposed sanctions on Russia and continues to import Russian oil and gas. The STAR refinery, however, had to cut Russian crude imports this summer due to complications arising from international financial restrictions on business with Moscow. Neither Lukoil, Socar nor STAR responded to requests for comment. Since cutting imports of Russian oil, it has relied on Kazakh, West African and Iraqi oil grades, according to LSEG data.

Persons: Lukoil, Celeste, Ocean Faye, Socar, Dmitry Zhdannikov, Nailia Bagirova, Kirsten Donovan Organizations: REUTERS, Turkish STAR, Moscow, STAR, Fidelity, Thomson Locations: Volgograd, Russia, Ukraine, MOSCOW, Russian, Turkish, Turkey, Moscow, Urals, Primorsk, Bulgaria, Romania, Dubai, Geneva, Kirkuk, Kazakh, West African, LONDON

☆ Turkey’s Ceyhan oil port disrupted by weather as earthquake damage assessed
▼ + stars: | 2023-02-07 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Operations were interrupted at the Ceyhan oil port — a critical hub for the discharge of crude oil and oil products, along with the loading of Azeri crude and a stream of Iraqi crude oil — on Monday, following two earthquakes that devastated Turkey and Syria, leaving over 5,000 dead. It also exports volumes of two crude oil streams — the Azeri crude oil delivered through the Baku-Tbilisi-Ceyhan (BTC) consortium's pipeline, and the Iraqi Kirkuk blend crude oil transferred through the separate Kirkuk-Ceyhan pipeline. Loadings of the two crude oil terminals are undertaken from two different points within Ceyhan port, with BTC crude oil leaving the BTC terminal, while the Kirkuk blend sails from the Botas terminal. An oil trade source familiar with KRG operations told CNBC that the pipeline could likely begin flows later Tuesday. An oil tanker ship is awaiting to berth to load Kirkuk blend crude.

☆ Azerbaijan's SOCAR halts Russian crude supplies to Turkish refinery
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

LONDON/MOSCOW, Dec 8 (Reuters) - The trading arm of Azerbaijan's state oil firm SOCAR has paused purchases of Russian crude oil for its Turkish refinery as the industry grapples with EU sanctions on shipping and crude, sources familiar with the matter said. Turkish refineries, including SOCAR's STAR plant, had increased purchases of Russian crude after Russia's invasion of Ukraine. Russian flows to Turkey had already dropped last month to their lowest since February, according to Refinitiv Eikon data, and a source said SOCAR was reviewing the situation in order to remain compliant with Western sanctions. Reporting by Reuters reporters, Rowena Edwards and Julia Payne in London; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

After explosions - whose cause is under investigation - damaged the Nord Stream Russian gas pipeline system to Europe under the Baltic Sea, Putin in October proposed setting up a gas hub in Turkey, building on a southern route for exports. "Does Europe need the project, given the determination of the EU countries to forego Russian gas in the nearest future?" A source in Russia's pipeline gas exporting monopoly Gazprom (GAZP.MM) said be believed the hub would facilitate sales. "That will not be Russian gas, but gas from the hub," said the source, who did not want to be named due to the sensitivity of the matter. Neither Gazprom, nor the Kremlin provided a cost estimate for the Turkish hub idea.

☆ Exclusive: EU embargo diverts Lukoil's Caspian oil to CPC link
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

A European Union embargo from Dec. 5 is set to ban European buyers from purchasing and transporting Russian oil. As a major route for Kazakhstan's oil, CPC oil exports are excluded from the ban. "Russian oil is leaving BTC, the reason is sanctions, BTC doesn't let Russian oil in," - one of the sources said. CPC Blend exported via the CPC pipeline currently trades at a significant discount to Azeri BTC oil, which is supplied via BTC. The main exporters of the Azeri BTC oil are Azerbaijan's SOCAR and BP, as well as Hungarian company MOL, Exxon (XOM.N) and Turkey's TPAO.

☆ В Каспийском море произошло извержение грязевого вулкана
▼ + stars: | 2021-07-02 | by ( Mld Media Srl | ) noi.md time to read: +1 min

В Каспийском море, у берегов Азербайджана, произошел масштабный взрыв. Азербайджанская государственная нефтегазовая компания SOCAR вероятной причиной называет извержение грязевого вулкана, передает APA. По его словам, предварительной версией причин взрыва считается извержение грязевого вулкана. "На платформах, нефтяных скважинах или кораблях пограничных войск в Каспийском море не было никаких аварий. Это признак грязевого вулкана.

Persons: Ибрагим Ахмедов, Гурбан Етирмишли Organizations: Республиканский сейсмологический центр, Министерство чрезвычайных ситуаций Locations: Каспийское море, Азербайджан, Умид

☆ România, a doua ţară din UE cu cei mai ieftini carburanţi, după Bulgaria
▼ + stars: | 2020-10-28 | by ( ) tvrmoldova.md time to read: +1 min

România are al doilea cel mai mic preţ la benzină şi motorină din Uniunea Europeană, după Bulgaria, arată ultimele date ale Oil Bulletin, publicaţie a Comisiei Europene, analizate de Agerpres. Astfel, începând cu data de 19 octombrie, benzina costă în România 0,934 euro pe litru în medie, în timp ce media europeană este de 1,265 euro pe litru. Bulgaria are cel mai mic preţ la benzină, respectiv 0,897 euro pe litru, în timp ce benzina cea mai scumpă se găseşte în Danemarca - 1,458 euro, Italia - 1,389 euro şi Suedia - 1,362 euro pe litru. În România, carburantul diesel costă 0,906 euro pe litru, faţă de media europeană, care este de 1,105 euro pe litru. În România, cele mai mari lanţuri de benzinării sunt OMV Petrom, Rompetrol, Lukoil, Mol, Socar şi Gazprom.

Organizations: Uniunea Europeană, Oil, Europene, Agerpres, Ministerul Economiei, Energiei, OMV Petrom, Rompetrol, Gazprom Locations: România, Bulgaria, Danemarca, Italia, Suedia, Belgia, Bruxelles, României, Lukoil, Mol

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