Oil prices edged lower on Monday as investors brace for economic data in Asia due this week that should give a reading on how China’s coronavirus epidemic has affected oil demand, Trend with reference to Reuters reports.

Implementation of the Southern Gas Corridor (SGC) large-scale project is of great importance for Europe and also contributes to the growth of Azerbaijan’s image in the international arena as a guarantor of energy security of the European continent, Giulietto Chiesa, famous Italian politician, prominent public figure, writer and journalist told Trend.

The efforts to bring Caspian gas to Europe are entering the final stretch, Vice-President for Interinstitutional Relations and Foresight of the European Commission Maros Sefcovic tweeted, Trend reports Feb. 15.

Southern Gas Corridor could also be used for gas exports to Europe from other Caspian countries, Francis Perrin, Senior Fellow at the Policy Center for the New South (PCNS, Rabat) and at the French Institute for International and Strategic Affairs (IRIS, Paris), told Trend.

The Trans Adriatic Pipeline (TAP), the final leg of the Southern Gas Corridor, which envisages transportation of Azerbaijani gas to Europe, is now 92 percent complete, Trend reports with reference to the TAP AG consortium.

But other analysts caution the demand impact is only limited to China so far.

The State Oil Company of the Azerbaijan Republic SOCAR has implemented social projects in Azerbaijan’s Sumgayit city, Deputy Head of the Public Relations and Events Department at SOCAR Ibrahim Ahmadov said, Trend reports on Feb. 13 from the SOCAR press tour in Sumgayit city.

A new steam turbogenerator is being constructed at the Ethylene-Polyethylene Plant of Azerikimya Production Union (PU) of Azerbaijan’s state oil company SOCAR, the plant’s Deputy Chief Engineer for Modernization Gadir Aliyev told reporters in Baku during a press tour on Feb. 13, Trend reports.

SOCAR Georgia Gas, a subsidiary of SOCAR (Azerbaijan’s State Oil Company) has acquired several gas pipelines in Georgia.

Azerikimya Production Union (PU) of Azerbaijan’s state oil company SOCAR has signed a cooperation agreement with Petkim Petrokimya Holding A.S. owned by SOCAR in Turkey in order to use the company's international experience in Azerbaijan, Trend reports Feb. 13 from the SOCAR press tour in Sumgayit city.

The annual ethylene production capacity of the Ethylene-Polyethylene Plant of SOCAR's Azerikimya PU will increase 2.3 times upon completion of its modernization, the plant's Deputy Chief Engineer for Modernization Gadir Aliyev told reporters during a press tour on Feb. 13, Trend reports.

Modernization of production facilities of SOCAR's Azerikimya Production Union will be fully completed in the third quarter of 2020, Deputy Chief Engineer for the modernization of the Ethylene-Polyethylene Plant Gadir Aliyev told reporters during a press tour on Feb. 13, Trend reports.

Azerbaijan produced 769,000 barrels of oil in January 2020, fulfilling its oil production obligations under OPEC+ agreement by 100 percent, the country’s Ministry of Energy has said in its official website.

BP Azerbaijan will spend nine months on drilling work in the Shafag-Asiman offshore block, the company said in its annual report published recently.

BP plans to ramp up production at Azerbaijan’s Shah Deniz gas field and maintain stable output at the Azeri-Chirag-Guneshli (ACG) oilfields this year, a senior regional official at the British oil major said on Monday, Trend with reference to Reuters reports.

Oil prices rose more than 1% on Tuesday in sympathy with a rally in equity markets but investors remained jittery over the Wuhan virus that has now killed over 1,000 in China, Trend with reference to Reuters reports.

Azerbaijani SOCAR AQS LLC and American Halliburton have agreed to establish a joint venture to provide a broad suite of oilfield products and services in Azerbaijan, SOCAR AQS reported.

The State Oil Company of the Azerbaijani Republic (SOCAR) will produce 960 million cubic meters of gas and 143,000 tons of condensate from the Umid gas field located in the Azerbaijani sector of the Caspian Sea in 2020, SOCAR’s representative Ibrahim Ahmadov has said.

Azerbaijan’s gasification level is 97 percent and recently the Davos Forum ranked the country second worldwide for this indicator.

The digitalization based on the principles of the great industrial revolution ranks second in strategic development plan of the State Oil Company of the Azerbaijan Republic SOCAR after oil and gas, SOCAR President Rovnag Abdullayev said, Trend reports on Feb. 5 with reference to the company.

Global price reporting agency Argus, supported by its general partner SOCAR (Azerbaijan’s State Oil Company) will hold the second Argus Azerbaijan International Petroleum Summit in Baku.

Azerbaijan’s State Oil Company (SOCAR) and British BP may sign a Production Sharing Agreement (PSA) for investment blocks in Uzbekistan.

Oil prices rose on Wednesday, reversing out of a 1% slump in the previous session, boosted by producers weighing further output cuts to counter a potential squeeze on global oil demand resulting from China’s fast-spreading coronavirus, Trend reports citing Reuters.

Oil prices rose on Tuesday, matching moves in other financial markets as investors regained calm after Monday’s sharp sell-off on fears of the impact of the China coronavirus on demand for fuel sent crude to its lowest level in more than a year, Trend with reference to Reuters reports.

Brent crude prices fell on Monday to their lowest in more than a year, dragged down by worries about lower demand in China, the world’s largest oil importer, following a coronavirus outbreak there, Trend with reference to Reuters reports.