State oil company strikes deals including gas project in United Arab Emirates
Azerbaijan’s state oil and gas company is planning to increase new production of fossil fuels at the same time as Baku pushes other countries for climate action as host of the UN COP29 summit starting this week, new analysis shows. Forty-four per cent of Socar’s production will be new oil and gas by 2050, the second highest of any national oil company in the world, according to a report by campaign group Global Witness based on analysis of data from independent consultancy Rystad Energy.
It was also “seeking to expand exports of renewable energy to meet demand in the immediate region and in Europe”. Socar did not respond to a request for comment. The eastern Caucasian country is the second petrostate in a row to host the world’s most important climate summit. Ahead of COP28, the UAE also faced claims it was attempting to strike oil and gas deals as it simultaneously played host.
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