SOCAR vice president speaks on prospects for low-carbon energy in Azerbaijan

In the medium term, Azerbaijan hopes to expand its energy portfolio with low-carbon molecules – green hydrogen and green ammonia, Afgan Isayev, vice president of the State Oil Company of Azerbaijan (SOCAR), said at a forum on Azerbaijan's investment prospects, organized as part of the annual meetings of the Islamic Development Bank Group (IsDB) in Baku, Report informs.

"So far, we have not been able to achieve positive results in the feasibility studies of the pilot projects that were conceived [as some of our colleagues present here are aware], since significant economies of scale are required to ensure their economic viability. However, we are continuing to work in this direction," the SOCAR vice president emphasized.

Isayev also noted that, in accordance with Azerbaijan's strategy, the share of renewable energy sources in the country's energy balance should reach 30% by 2030.

"Based on all the progress we've recorded to date and all the current data on the status of projects, it appears we'll actually exceed this target. We're already talking about a range of 34% to possibly 38%. Azerbaijan has no intention of abandoning its role as a reliable oil and gas exporter. We're simply building new elements on top of the existing foundation. For us, this isn't an ideological transformation. It's an economic opportunity that must be seized. How exactly? The bottom line is that the more renewable energy capacity and facilities we commission and build, the more natural gas we'll be able to free up, and the more of it can be directed to both regional and European markets. Furthermore, we're counting on additional financial support from you," stated Isayev.