MOSCOW (MRC) -- Romanian natural gas producer Romgaz said it signed the first individual contract for gas deliveries from Azerbaijan, with Azeri national oil company Socar, said Aze.media.
The contract allows for scheduled gas deliveries through the Southern Corridor starting January 1, using the transportation capacities of the Trans Adriatic Pipeline (TAP) and the Greece-Bulgaria Interconnector (IGB) , as well as those of the Bulgarian and Romanian transmission systems, Romgaz said in a statement filed with the Bucharest Stock Exchange, BVB.
The deal also enables the acquisition of natural gas from Azerbaijan in order to satisfy potential domestic consumption needs with imported gas, serving strategic objectives related to supply-side security and gas source diversification, Romgaz explained. Both parties to the deal plan to maintain their cooperation and enhance the mechanisms for natural gas deliveries to Romania.
The contract is based on a cooperation started earlier this year, formalized through a memorandum of understanding in June, following talks for the diversification of oil and gas deliveries between the two sides. In October, Romgaz signed a memorandum of understanding with Socar to explore the opportunity of jointly developing a liquefied natural gas (LNG) project in the Black Sea.
The Greece-Bulgaria Interconnector, which enables imports of natural gas to Bulgaria from Azerbaijan via Greece, has been operating since October 1, covering around a third of Bulgaria's consumption needs in the current heating season. It has also facilitated LNG imports from terminals in Greece and Turkey. Romgaz is the largest natural gas producer and main supplier in Romania. Its majority shareholder is the Romanian state, holding a 70% stake. Romgaz shares are listed on the Bucharest Stock Exchange, while the company’s global depositary receipts (GDRs) are traded on the London Stock Exchange. Romgaz shares traded 0.38% higher at 39.95 lei by 1621 CET on Friday, on the BVB.
As per MRC, Taiwan's state refiner, CPC Corp, said it has received the country's first crude cargo with certified carbon offset from Socar Trading, the trading arm of Azerbaijan's state oil company. The refiner is seeking to reduce its carbon footprint through voluntary carbon offsets as Taiwan aims to become carbon neutral by 2050. The cargo of about 1.05 MM barrels of Azeri Light crude oil arrived in Taiwan on Sunday morning with cradle-to-gate greenhouse gas (GHG) emissions being offset with carbon credits certified by the Verified Carbon Standard (VCS), CPC said on its website.