Azernews.Az

By Ayya Lmahamad

The 44th Conference of the Industry Advisory Panel of the Energy Charter was organized by Azerbaijan’s State Oil Company, Azertag has reported.

High-ranking representatives, including Energy Charter Secretary General Urban Rusnak, and representatives of a number of energy companies, associations and international organizations participated in the videoconference meeting.

During the conference, representatives of SOCAR and Azerbaijan Energy Ministry briefed the participants on the SOCAR energy transition, opportunities and prospects of gas and hydrogen transit through the Southern Gas Corridor, and the process of modernizing the single energy system.

The Energy Charter Secretariat briefed on the details of the 2020 report during the presentation on Energy Investment Risk Assessment.

Energy Charter Secretary General and Chief Economist and Strategic Director of Dow Europe GmbH Rafael Cayuela expressed gratitude to SOCAR for hosting the event, despite the difficulties associated with the COVID-19 pandemic.

During the conference, Rusnak, SOCAR Balkan executive director, advisor to SOCAR president Murad Heydarov and IAP chairman Rafael Cayuela delivered speeches at the conference on the "The Role of Natural Gas as a Transition Fuel" topic.

The Energy Charter Treaty was signed in December 1994 and entered into force in 1998. To date, 55 countries, the European Union and European Atomic Energy Community have signed the agreement. The agreement was developed in 1991 on the basis of the European Energy Charter. The fundamental aim of this treaty is to strengthen rule of law in the energy sector by establishing common rules, ensure that participating governments comply with these rules and minimize the risks associated with investments and trade in the energy sector.

The Energy Charter Treaty was signed by Azerbaijan on December 17, 1994, and has been in force in the country since April 16, 1998. The decision to chair the Energy Charter Conference in 2020 was made in 2018.

The Southern Gas Corridor is an initiative of the European Commission for a natural gas supply route from Caspian and Middle Eastern regions to Europe. The route from Azerbaijan to Europe consists of the South Caucasus Pipeline, the Trans-Anatolian Pipeline (TANAP) and the Trans-Adriatic Pipeline.

The State Oil Company of the Azerbaijan Republic is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan. The company owns two refineries in Azerbaijan, one in Turkey, as well as networks of petrol stations in Azerbaijan, Turkey, Georgia, Romania and Switzerland.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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