British energy giant BP has announced final investment decisions for two major projects in Azerbaijan: the construction of the 240 MW Shafag solar power plant in Karabakh and the electrification of the Sangachal terminal near Baku.
In partnership with the Azerbaijani government, BP signed an agreement to build the Shafag solar power plant in the Karabakh region. The facility will have a capacity of 240 megawatts and is expected to cost approximately $200 million. Construction is scheduled to be completed by mid-2027.
The Shafag plant marks a significant milestone in Azerbaijan's renewable energy ambitions and is part of the broader efforts to develop the formerly conflict-affected Karabakh region.
In a separate development, BP and its partners also approved an investment decision to electrify the Sangachal terminal — one of the world’s largest integrated oil and gas processing terminals. The project, known as STEL (Sangachal Terminal Electrification Project), is valued at $230 million. It will be implemented and operated by BP, with construction set to begin in 2025.
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Start your day informed with AnewZ Morning Brief: here are the top news stories for the 3rd of January, covering the latest developments you need to know.
Swiss prosecutors say a deadly New Year’s Eve fire at a bar in the ski resort of Crans-Montana likely started when sparkling candles were held too close to the ceiling, triggering a fast-spreading blaze that killed at least 40 people.
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India has approved a major arms deal with Israel valued at approximately $8.7 billion, highlighting the deepening defence partnership between the two countries.
A 6.5-magnitude earthquake struck southern Mexico early on Friday, killing at least two people and causing damage in Guerrero state.
India and Pakistan on Thursday exchanged lists of nuclear facilities as well as civilian prisoners, under long-standing bilateral agreements, according to official statements from both countries.
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