SOCAR and American Petroleum Institute signed a Memorandum of Cooperation on safety and quality of industrial processes during a videoconference on January, 13.
In his welcoming speech, President of SOCAR Rovnag Abdullayev briefed the participants of the meeting about scientific and technical advances of Azerbaijan’s oil industry in the beginning of the 20th century. He noted that the new development strategy of SOCAR necessitates an improved efficiency of management and the application of international standards: “In this context, API quickly contributes to the rapid dynamics of sustainable development and technology.
The API Specification Q1/Q2 for Quality Management Standards is applied by the major international oil and gas corporations. From now on, SOCAR is going to comply with the requirements of API's advanced industry standards. That will help to protect lives and health of our employees. It will also contribute to the environmental protection and boost our operational efficiency.” .
Today, the last segment of the Southern Gas Corridor - Trans-Adriatic Gas Pipeline (TAP), started transporting commercial gas from Azerbaijan.
For the first time in history, Azerbaijan’s natural gas reached the European market through a direct pipeline connection. Following the start of commercial operations on November 15, 2020, today the first gas has reached Italy, via the Melendugno interconnection point with SNAM Rete Gas (SRG), as well as Greece and Bulgaria, via the Nea Mesimvria interconnection point with DESFA.
Azerbaijan gained direct access to the European gas market - the world's largest natural gas importer. For the country, that means an increase in national income, diversification of export routes, and a boost to its’ economic independence.
Commenting on the first gas transportation via TAP, President of SOCAR Rovnag Abdullayev, said: ''On this historic day, we express our deep gratitude to the partner companies, specialists and all our colleagues, who participated in TAP, Shah Deniz-2 and the Southern Gas Corridor projects, contributing to the first delivery of Azerbaijani gas to the European market. We thank all financial institutions that supported this project and the residents of the communities where our pipelines pass. As a shareholder in all Southern Gas Corridor segments, SOCAR is proud of the successful completion of this historic mission.
The 878-km Gas Pipeline part of the Southern Gas Corridor
Enters Operational Phase
Baar, Switzerland. Four and a half years after the inauguration of construction works in Thessaloniki, the Trans Adriatic Pipeline (TAP), an 878-km gas transportation system crossing Greece, Albania, the Adriatic Sea and Italy, began commercial operations.
A diverse team of industry professionals worked diligently and effectively under challenging conditions to safely deliver a strategic piece of energy infrastructure on schedule.
TAP is the European leg of the Southern Gas Corridor, a gateway project that will transport 10 billion cubic metres (bcm/a) of new gas supplies from Azerbaijan to multiple markets in Europe. The TAP system operates in line with internationally recognised quality, health, safety and environmental standards, and is designed with the potential to double its throughput capacity to 20 bcm/a.
Luca Schieppati, TAP’s Managing Director, commented: “Today, a long-term vision has become a reality! I am extremely proud of this achievement, made possible-first and foremost-thanks to the dedication and commitment of our people and everyone involved, the solid trust and unwavering support of our shareholders, all governments in the value chain and the European Union, as well as the suppliers and contractors that worked on the project. As a new transmission system operator, developed and built in compliance with best industry practices and standards, TAP enables double diversification: a new, reliable and sustainable energy route and source of gas reaching millions of European end-users, for decades to come.” .
An arbitral award was issued on 5 November 2020 in London Court of International Arbitration proceedings between SOCAR Overseas and Palmali.
The Award found in favour of SOCAR Overseas. SOCAR's claims against Palmali were successful and it was awarded approximately US$ 49,500,000. Palmali's multi-million dollar counterclaim was dismissed in its entirety.
SOCAR and Palmali used to have commercial relations previously, although the two companies have never founded a joint venture. In 2018, due to Palmali’s violation of commitments, the companies, belonging to SOCAR Group initiated arbitration proceedings against the companies of Palmali Group and Mubariz Mansimov. Eventually, one out of the three ongoing arbitration proceedings has come to an end.
The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate.read more
When investors and credit organizations wish to cooperate with any company, first of all the international rating of the company in discussion is reviewed.read more