Azernews.Az

The European Bank for Reconstruction and Development (EBRD) is joining forces with the World Bank-led Global Gas Flaring Reduction partnership (GGFR) to help governments in Azerbaijan, Kazakhstan, Russia and Turkmenistan introduce energy efficiency measures to improve business competitiveness and environmental standards in oil and gas operations.

Through this joint initiative, both development banks will help oil-producing countries and companies reduce the waste of a valuable energy source and also combat damage to the environment. Currently significant quantities of petroleum gas, a by-product in oil extraction, are flared or vented into the air.

With this undertaking, the EBRD will also officially join the GGFR partnership, a public-private initiative of some 30 major oil-producing countries and companies that aim to overcome the challenges of dealing with such gases.

In collaboration with various oil and gas companies, the EBRD and the World Bank’s GGFR partnership will manage the production of a ground-breaking market study designed to assess gas venting and flaring operations on about 100 oil sites across the four countries and identify the main obstacles that hinder the further utilization of gases associated with the production of petroleum. In addition, the study will analyse current legal and regulatory frameworks and look into market, infrastructure and financing barriers.

"Gas flaring reductions in Russia and Central Asia are critical for improving energy efficiency and tackling greenhouse gas emissions," says S. Vijay Iyer, Director of the World Bank’s Sustainable Energy Department.