Latest news with #BakuEnergyWeek
Euronews
16-06-2025
- Business
- Euronews
Baku Energy Week 2025 showcases Azerbaijan's energy diplomacy, renewables and regional influence
Baku Energy Week, a key event in the global energy calendar, attracts over 2,000 delegates and 240 companies annually. Now in its 30th year, it highlights Azerbaijan's commitment to installing 6.5 GW of renewable capacity by 2030, representing over 35% of its energy grid. The event also underscores Azerbaijan's strategic role in energy diplomacy, with pipelines linking the Caspian Sea to Europe via the Southern Gas Corridor. Discussions focus on balancing energy security, green transition, and geopolitical cooperation, reflecting Azerbaijan's evolving energy ambitions and partnerships with global players like Germany and Masdar. Renault's share prices had dropped by 6.9% by early afternoon in Paris, while Kering was traded 9.6% higher, as Luca de Meo, the Italian CEO of Renault Group, suddenly resigned from his post on Sunday. According to media reports, he will join the struggling Gucci-owner Kering as the global Luxury group's new CEO. French carmaker Renault announced the departure of its CEO on Sunday evening, saying that Luca de Meo will stay on until 15 July 2025 and that the process to appoint a new Chief Executive Officer has already begun. The Italian CEO has been in office for five years and saw Renault's share price nearly double under his watch as he oversaw a post-pandemic turnaround at Renault. 'For 5 years, Luca de Meo worked to put Renault Group back where it belongs. Under his leadership, our company has found a healthy base, it now has a magnificent range of products and has returned to growth,' said Chairman of the Board of Directors Jean-Dominique Senard. Even though Kering has yet to confirm the appointment, hiring Luca de Meo fits the firm's efforts to transform the debt-laden luxury conglomerate. The French fashion house, which owns brands including Gucci and Saint Laurent, has been struggling for years. The company has recently posted worse-than-expected results for the first quarter of the year. Sales of its flagship brand, Gucci, fell by 25%. Kering has lost nearly 80% of its share price since 2021. The 58-year-old Italian executive is going to be appointed as the CEO of Kering within the next few days, Bloomberg News reported, citing unnamed sources. Kering's current CEO and President, François-Henri Pinault, appears to have decided to separate the two roles, with him retaining the latter, in an attempt to reorganise the struggling brand. Kering has not responded immediately to Euronews' request for comment. As for the next CEO of the Renault Group, several names are circulating, including Denis Le Vot, Dacia's CEO and Maxime Picat, director at rival Stellantis. Renault have yet to confirm any names.
Yahoo
06-06-2025
- Business
- Yahoo
BP expands oil and gas interests in Azerbaijan with new deals
BP and its partners have sanctioned a new phase of development for the Shah Deniz gas field and gained access to two new exploration blocks in Azerbaijan. The agreements, which also include terminal electrification and solar power projects, signal bp's commitment to growth and emissions reduction in the region. During Baku Energy Week, bp, in collaboration with its partners, finalised investment decisions for the Shah Deniz Compression project, which is set to enhance the production capabilities of the giant Shah Deniz gas field. BP EVP for production & operations Gordon Birrell said: 'We are deeply proud of the long and successful partnership that bp has built with Azerbaijan over more than 30 years. As can be seen by the agreements we signed this week, we continue to see many opportunities for further development and growth. As we deliver our strategy of growing our upstream, we will build on our strong positions in regions like Azerbaijan, and on the deep relationships we have with the government and our partners.' Additionally, bp has committed to two sustainability-focused projects aimed at reducing operational emissions through terminal electrification and solar power initiatives. The agreements also allow bp to explore and potentially develop two new licences in the Caspian Sea, further cementing its presence in Azerbaijan. BP has also introduced a new partner to expedite exploration activities on a third licence. For more than three decades, the energy giant has played a pivotal role in Azerbaijan's oil and gas sector. The company led the development and operation of key projects including the Azeri-Chirag-Deepwater Gunashli oilfield, the Shah Deniz gas field and the Sangachal terminal. BP's involvement extends to the Baku-Tblisi-Ceyhan oil pipeline and the Southern Gas Corridor gas pipeline network. The Shah Deniz Compression project is one of eight to ten major projects bp expects to begin between 2028 and 2030. The project is set to contribute to an increase in bp's global upstream production to 2.3–2.5 million barrels of oil equivalent per day (mboe/d) by 2030, with potential for further growth until 2035, all within bp's financial framework. In addition to project approvals, the company has finalised an agreement with SOCAR, acquiring a 35% working interest and operatorship in two blocks in the Caspian Sea, the Karabagh oilfield and the Ashrafi-Dan Ulduzu-Aypara area, with SOCAR holding the remaining 65%. The partnership has also greenlighted the Shafag solar and Sangachal terminal electrification projects, linking sustainable energy development with operational advancements. SOCAR has also inked fresh deals with ExxonMobil and bp for hydrocarbon exploration in Azerbaijan, aiming to maintain the nation's oil production at around 582,000 barrels per day for the next five years. "BP expands oil and gas interests in Azerbaijan with new deals" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
04-06-2025
- Business
- Business Recorder
Pakistan committed to sustainable energy future: minister
ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik delivered a keynote address at the Ministerial Plenary session titled, 'Global Cooperation for a Resilient and Sustainable Energy Future' as part of the prestigious Baku Energy Week, emphasising Pakistan's commitment to a sustainable and resilient energy future. The event marked the 30th anniversary of the Baku Energy Forum, where Minister Malik congratulated Parviz Shahbazov, the energy minister of Azerbaijan and reiterated Pakistan's support for this effort and pledged to cooperate with this forum in every way in enabling this transition from a fossil fuel driven environment to more balanced fuel basket. Malik outlined Pakistan's strategic shift under the leadership of Prime Minister Shehbaz Sharif towards a balanced, inclusive, and sustainable energy paradigm. He highlighted that Pakistan fully understands that as we manage transition towards industrialisation, our demand will go up that needs to be complimented with the induction of renewable energy and renewable technologies into our energy landscape. Another important aspect is coherence in terms of policy evolution. For this purpose, the Cabinet Committee on Energy, chaired by the prime minister is being revived to ensure coordination between the Petroleum and Power Divisions, he said. He said that we are expanding our gas infrastructure by encouraging local exploration. We are grateful to the government of Azerbaijan and our friendly countries who are assisting us and helping us in the indigenisation of the gas resources. A lot of strategy initiatives are being taken on conservation part. Despite economic challenges, Pakistan is committed to making the gas sector sustainable by dismantling inefficiencies and implementing reforms. We are working to build a sustainable energy sector. Reform is the cornerstone of the prime minister's vision for a resilient energy future Energy Minister of Azerbaijan Shahbazov, Turkish Deputy Minister of Energy, and Director of Energy at European Commission Cristina were among the participants of the plenary session. Copyright Business Recorder, 2025
Business Recorder
03-06-2025
- Business
- Business Recorder
Country committed to sustainable energy future: minister
ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik delivered a keynote address at the Ministerial Plenary session titled, 'Global Cooperation for a Resilient and Sustainable Energy Future' as part of the prestigious Baku Energy Week, emphasising Pakistan's commitment to a sustainable and resilient energy future. The event marked the 30th anniversary of the Baku Energy Forum, where Minister Malik congratulated Parviz Shahbazov, the energy minister of Azerbaijan and reiterated Pakistan's support for this effort and pledged to cooperate with this forum in every way in enabling this transition from a fossil fuel driven environment to more balanced fuel basket. Malik outlined Pakistan's strategic shift under the leadership of Prime Minister Shehbaz Sharif towards a balanced, inclusive, and sustainable energy paradigm. He highlighted that Pakistan fully understands that as we manage transition towards industrialisation, our demand will go up that needs to be complimented with the induction of renewable energy and renewable technologies into our energy landscape. Another important aspect is coherence in terms of policy evolution. For this purpose, the Cabinet Committee on Energy, chaired by the prime minister is being revived to ensure coordination between the Petroleum and Power Divisions, he said. He said that we are expanding our gas infrastructure by encouraging local exploration. We are grateful to the government of Azerbaijan and our friendly countries who are assisting us and helping us in the indigenisation of the gas resources. A lot of strategy initiatives are being taken on conservation part. Despite economic challenges, Pakistan is committed to making the gas sector sustainable by dismantling inefficiencies and implementing reforms. We are working to build a sustainable energy sector. Reform is the cornerstone of the prime minister's vision for a resilient energy future Energy Minister of Azerbaijan Shahbazov, Turkish Deputy Minister of Energy, and Director of Energy at European Commission Cristina were among the participants of the plenary session. Copyright Business Recorder, 2025
Qatar Tribune
03-06-2025
- Business
- Qatar Tribune
Turkey's TPAO joins major Azeri gas field project
Agencies Turkey's state energy company TPAO is joining a major natural gas field off Azerbaijan as a partner, in a deal that will mark a new chapter in bilateral cooperation, Energy and Natural Resources Minister Alparslan Bayraktar announced on Monday. The gas production-sharing agreement will be signed between TPAO, Azerbaijan's SOCAR and British energy giant BP on Tuesday and covers the Shafag-Asiman offshore block in the Caspian Sea, Bayraktar told the Baku Energy Week conference. He described the partnership between Turkey and Azerbaijan as a 'strategic energy alliance built on deep-rooted history, shared culture and a common vision' and said the new deal would enhance joint production in Azerbaijan. The Shafag-Asiman offshore block has long been viewed as a promising site for hydrocarbon exploration. It is 125 kilometres (78 miles) southeast of Baku and at a depth of 650-800 metres, according to SOCAR's website. The first exploration well was drilled in 2020. 'Hopefully, we will finalize the agreement here. We have acquired a 30 percent stake. Our partners are SOCAR and BP. We hope to begin production at this field,' Bayraktar told reporters on the sidelines of the conference. In a message sent to the opening ceremony of the event, President Recep Tayyip Erdoğan reaffirmed Turkey's commitment to deepening energy cooperation with Azerbaijan, calling their joint projects a key to regional and European energy security. Erdogan praised the enduring partnership between Ankara and Baku, which he said has been crowned with joint infrastructure projects such as the Baku-Tbilisi-Ceyhan (BTC), Baku-Tbilisi-Erzurum pipelines, and the Trans-Anatolian Natural Gas Pipeline (TANAP). 'Our collaboration not only benefits Turkey and Azerbaijan but also continues to make significant contributions to the energy security of the region and Europe,' said thepresident. On the sidelines of the event, Bayraktar held a meeting with Azerbaijani President Ilham Aliyev, which he described as productive, focusing on expanding cooperation across various energy domains. 'TPAO's presence in Azerbaijan is growing. We're also discussing collaboration on additional fields and will continue to ramp up our activity in the Caspian Sea,' he said. Bayraktar echoed Erdoğan's view that Turkish-Azerbaijani energy projects contribute to Europe's energy security. 'In the coming period, we anticipate new developments regarding projects that aim to deliver gas to Europe from alternative and additional sources,' he said. He also highlighted Azerbaijan's increasing investments in renewables and revealed plans for cross-border clean energy infrastructure. 'In the period ahead, we will develop projects for generating renewable energy in Nakhchivan and transporting it to Turkey, and through Turkey on to Europe,' he added. The remarks come at a time of rising global energy uncertainty driven by geopolitical conflicts, aging infrastructure and market volatility.
