"Em 2035, deixaremos de ser um gigante dos hidrocarbonetos", promete o Azerbaijão

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"Em 2035, deixaremos de ser um gigante dos hidrocarbonetos", promete o Azerbaijão

O vice-presidente da empresa estatal de petróleo e gás do Azerbaijão, SOCAR, Afgan Isayev, define 2035 como um ponto de viragem na sua caminhada para o zero líquido.

Em parceria com Azpromo

LEIA MAIS : http://pt.euronews.com/2025/08/28/em-2035-deixaremos-de-ser-um-gigante-dos-hidrocarbonetos-promete-o-azerbaijao

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00:00At COP28, we announced our targets, including becoming net zero by 2050.

00:07And we have intermediate targets as well.

00:11So 2035 is a very important milestone for us.

00:24Hello and welcome back to Energy Frontiers.

00:28And in this episode, we explore the inner workings of Azerbaijan's state energy giant Sokar amidst shifting market dynamics.

00:36We'll hear from the company's vice president, Afghan Isayev, about the path from fossil fuels to a more diversified energy future.

00:44But first, here's a quick overview of how Sokar's story started.

00:48In 1992, Sokar was founded as Azerbaijan's national oil and gas company.

00:54Just two years later, and establishing a new pathway for foreign investment and energy diplomacy,

01:01Sokar signed a groundbreaking production sharing agreement, dubbed the Contract of the Century, with 11 international oil majors.

01:08By 2006, the Baku-Tablissi-Géhan pipeline was online, marking a new era of exports to the Mediterranean.

01:17And in the years that followed, Sokar expanded its presence further to countries like Romania and Switzerland,

01:24whilst deepening regional ties with the launch of the Star Refinery in Turkey by 2018.

01:29And in 2020, the Southern Gas Corridor began delivering Caspian gas to Europe.

01:37In recent times, Sokar has voiced its long-term commitment to energy security, diversification and innovation.

01:44But as the global energy landscape shifts, how is it redefining its role to lead on decarbonisation and sustainable growth?

01:52I'm delighted to say I'm joined now in studio by Afghan Isayev, the Vice President of Sokar.

02:00It's wonderful to see you. Thank you for being here today.

02:02It's a great pleasure to be here. Thank you for inviting me.

02:05Let me start by asking you about 2035.

02:08It's going to be a pivotal year for Sokar, because you have this marked as a transitional time

02:14to move from a hydrocarbon giant to a low-carbon energy player.

02:19Talk to me about some of the operational, technical, even financial challenges

02:23that stand in your way to reaching that milestone.

02:26By 2035, we will have become a national energy company.

02:30And as you rightfully mentioned, not hydrocarbon company, but with a balanced portfolio.

02:36One of the major challenges that we face when it comes to actually development of the renewable energy sources here

02:45in Azerbaijan, the projects is the limitations of the grid to intake the intermittent sources of energy.

02:52And that's why we need additional balancing power via the CCGTs, for example.

02:57We need battery energy storage solutions or combination of both.

03:02The second challenge that we face, of course, is the lack of access to open seas.

03:09Some of the infrastructure-related equipment, some of the equipment that we require for wind farms, for example,

03:17the blades can average in length 92-94 meters.

03:22And bringing them here is quite a challenge.

03:25Hopefully, of course, we will be able to localize certain production in the future.

03:29Some of the infrastructure and equipment that we have is dating back to Soviet time.

03:36That is why, as a challenge number three, is the decarbonization of the core activities themselves.

03:42We require massive investments in modernization of our operational processes.

03:47We require massive investments in digitalization.

03:51You've mentioned the major investments that you're making, not least in upstream,

03:54but also export infrastructure is another key area.

03:57If we see peak demand for oil and gas tail-off earlier than expected,

04:02and OPEC don't foresee this happening any time before 2050,

04:06but should that happen, what is the risk?

04:08How great is the risk of stranded assets for SOCAR?

04:11And what are you doing to hedge against that possibility?

04:14That's a very good question.

04:15Well, firstly, I need to state that we do agree with OPEC.

04:20Now, we have infrastructure in place.

04:24So, as you know, pipelines, for example, we have a Southern Gas Corridor pipeline stretching from here till Italy.

04:31We have Baku-Tbilisi-J-Han pipeline from here to Mediterranean Sea.

04:36And we started to collaborate with very interesting partners, innovators.

04:42For example, we're looking at low-carbon fuels, biomethane generation, for example.

04:49Number two, we're looking at sustainable aviation fuels.

04:52Number three, we're looking at synthetic methane.

04:54In addition to that, let's look at our petrochemical production.

04:59Whatever you touch has a hydrocarbons in it.

05:02That is why we're more than confident that demand for petrochemicals will not subside.

05:07Long-term offtake agreements are pivotal, critical to SOCAR's revenue security.

05:13In light of current recent developments in the market, market volatility,

05:18and, of course, changing consumer behavior in Europe,

05:21are you therefore considering renegotiating any existing deals or restructuring new ones?

05:27It's a good question as well.

05:28Well, you're absolutely correct.

05:30Without long-term offtake agreements,

05:34projects with heavy infrastructure required financing,

05:40CAPEX, wouldn't be able to exist or be developed.

05:45We can mention Southern Gas Corridor.

05:47We have long-term contracts on gas contracts.

05:52And that was instrumental for us to be able to attract the financing.

05:57Yes, of course, in some times, based on the market dynamics,

06:02based on the type of the projects that you are in,

06:05you may be willing to sign the short-term or spot agreements.

06:10But at this stage, we're not in the process of renegotiating any contracts, offtake contracts.

06:15Can you give me any indication as to an IPO?

06:19Is it on the cards? Is it being discussed?

06:21Are we likely to have an announcement any time soon?

06:24Very interesting question.

06:25To the best of my knowledge, no.

06:28However, we do divest certain assets.

06:32Like, for example, last year, we sold 5% in Chardonis to MVM Energy Company,

06:39one of the global players in the energy market.

06:44As a second example, when it comes to divestment, we have an offshore-owned gas field,

06:49where Sokar and Total Energy were the shareholders.

06:54So in 2023, Total and Sokar divested certain parts to Abu Dhabi National Oil Company.

07:02Divestments are one thing, but bolt-ons and acquisitions are another.

07:06You've been acquisitive in recent times.

07:07Is there anything else in the pipeline?

07:09Last year, we were able to acquire a certain portion of gas field in UAE.

07:16This year, we were able to complete the transaction and acquire the shares in Tamar gas field in East Mediterranean,

07:22which is also a very important strategy for our development abroad.

07:27And, of course, if the opportunities present themselves, if they are mutually beneficial,

07:33of course, we will consider the further acquisitions.

07:36Well, we very much hope that we'll be the first to know.

07:38Definitely. I would love to come back on the show.

07:40You're welcome anytime. Thank you so much for talking to me today.

07:43It was the greatest pleasure. Thank you very much for inviting me.

07:46Thank you.

07:47Well, that wraps up this episode of Energy Frontiers, brought to you from our studio in Baku, Azerbaijan.

07:53Thanks for watching, and I'll see you again next time.

07:57Thank you.

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