Category: Azer News

‘Over the years, our relations have developed rapidly and across various directions. Political relations are at the highest level,’ President Ilham Aliyev said during a joint press statement with Italian President Sergio Mattarella.

The head of state emphasized that in the economic sphere, Italy is Azerbaijan’s top trading partner.

Azerbaijan’s State Oil Company (SOCAR) is advancing its energy transition strategy with a focus on geothermal energy, alongside its broader low-carbon initiatives, Azernews reports.

This was stated by Afgan Isayev, Vice President of SOCAR, during his speech at the Baku Climate Action Week (BCAW2025).

Highlighting SOCAR’s roadmap for transformation, Isayev noted that by 2035 the company aims to maintain a balanced portfolio, where low-carbon projects will stand alongside traditional high-carbon energy projects. ‘We have also rapidly developed our internal knowledge by cooperating with regional and global partners,’ he said.

According to him, SOCAR has adopted a three-phase approach – learning, development, and exploitation. As part of this strategy, the company is already working with international players: ‘Together with Light Source and BP, we are implementing 240 megawatt projects and electrifying the Sangachal terminal. We have launched three new projects with Masdar and other partners.’

Turning to geothermal prospects, Isayev underlined that the company had already conducted studies with SLB to assess the potential and is now actively seeking an experienced partner to move the initiative forward.

‘We have achieved great results in almost three years, but all this was possible thanks to cooperation. Cooperation ensures knowledge exchange and accelerates decarbonization efforts,’ he emphasized.

LG Electronics has announced the restart of the initial public offering (IPO) process for its Indian subsidiary, aiming to sell a 15 percent stake in the company on the local stock market, Azernews reports, citing Korean media.

On Tuesday, LG’s board of directors approved the sale of 101,815,859 shares, representing a 15 percent ownership in the wholly-owned Indian unit. This move is part of LG’s broader strategy to raise funds for its headquarters in South Korea by listing the subsidiary on the Indian stock exchange.

The company plans to submit the final prospectus to the Securities and Exchange Board of India (SEBI) shortly, with the IPO expected to be completed as early as October. While the exact valuation and disposal date are yet to be finalized, LG confirmed that details regarding the share price range and schedule will be disclosed following SEBI’s final approval.

The IPO process was paused for five months amid global market volatility and trade policy uncertainties triggered by tariff measures under former U.S. President Donald Trump. LG initially filed a preliminary application with SEBI in December 2024 and received conditional approval in March 2025, before putting the process on hold in April.

Local Indian media estimate the IPO’s value at around 115 billion rupees (approximately $1.3 billion). Since the offering will involve only existing shares-with no new stock issuance-the proceeds will go directly to LG Electronics, allowing the company to raise capital without incurring debt or financing costs.

According to LG Electronics’ semiannual report, its standalone cash and cash equivalents stood at 1.1 trillion won ($784.5 million) as of the end of Q2 2025. A successful IPO could more than double this cash reserve, significantly bolstering the company’s financial stability.

However, LG Electronics continues to face challenges amid declining global demand for home appliances and TVs, compounded by the effects of trade tariffs. In Q2 2025, the company reported a 4.4 percent drop in revenue and a sharp 46.6 percent decline in operating profit compared to the same period in 2024.

Market analysts, including local tracker FnGuide, predict further declines in Q3, with revenue and operating profit expected to fall by 4.1 percent and 18.4 percent, respectively, year-on-year.

To navigate these headwinds, LG launched a voluntary retirement program last month, starting with its Media Entertainment Solution division, which manages TV operations. The company is also shifting focus toward expanding high-margin businesses such as heating, ventilation, and air conditioning (HVAC), while actively exploring growth opportunities in Southeast Asia, particularly in the rapidly growing Indian market.

LG is currently the market leader in home appliances in India. Its local unit reported robust performance in the first half of 2025, generating 2.28 trillion won ($25.7 billion) in revenue and 209.7 billion won ($149.6 million) in net profit.

The President of the Republic of Italy, Sergio Mattarella, arrived in Azerbaijan on an official visit on September 30, Azernews reports.

Azernews reports that upon arrival at Heydar Aliyev International Airport, a guard of honor was lined up in his honor, with the national flags of both countries displayed.

President Mattarella was welcomed at the airport by First Deputy Prime Minister of Azerbaijan Yagub Eyyubov, Deputy Minister of Foreign Affairs Fariz Rzayev, and other senior officials.

Azerbaijan is preparing a new climate plan – its updated Nationally Determined Contribution (NDC) – which will serve as a roadmap for building the country’s future energy system, COP29 President and Special Envoy of the President of Azerbaijan on Climate Change Mukhtar Babayev said during his speech at Baku Climate Action Week (BCAW2025), Azernews reports.

According to Babayev, the new framework envisions an energy system that will be cleaner, smarter, and more resilient.

‘It outlines how we will diversify beyond oil and gas, how we will scale up renewable energy, and how we will integrate energy efficiency and innovation into our economy,’ he emphasized.

Babayev stressed that NDCs are both international commitments under the Paris Agreement and national priorities for Azerbaijan.

‘These documents are the cornerstones of the global fight against climate change. At the same time, they provide a ‘green light’ for green investments, define timelines and targets, identify national priority sectors, and demonstrate the government’s commitment to concrete action,’ he added.

The foreign ministers of Germany, France, and Poland – Johann Wadephul, Jean-Noel Barrot, and Radoslaw Sikorski – called on Russia on Monday to cease its violations of the North Atlantic Treaty Organization’s (NATO) members’ airspace, Azernews reports.

Speaking at a meeting with Ukrainian chief diplomat Andrii Sybiha amid their joint appearance at the Warsaw Security Forum, Wadephul pressed for closer defense cooperation between European countries. He also insisted that “no member state will be left alone with this threat.”

Previously, at the same event, Ukrainian President Volodymyr Zelensky proposed that his country, Poland, and their allies create a joint defense shield against Russian air threats.

On September 30, an official reception was hosted by Ilham Aliyev, President of the Republic of Azerbaijan, in honor of Sergio Mattarella, President of the Italian Republic.

Masdar, the UAE’s leading renewable energy company, plans to introduce its experience in sustainable aviation fuel (SAF) production to Azerbaijan.

Azernews reports, the announcement was made by Murad Sadiqov, Head of Masdar’s Azerbaijan office, during his speech at the Baku Climate Action Week 2025.

According to Sadiqov, Azerbaijan’s renewable energy development strategy extends beyond export-oriented projects – it is also aimed at enhancing the reliability and resilience of the national energy system.

‘Our main goal is not just to fix current gaps in the energy grid but to build a more sustainable and dependable system,’ he said, adding: ‘Unstable energy holds no value – stability is everything.’

He emphasized the importance of energy storage systems, grid balancing mechanisms, and a diversified mix of renewable sources. Sadiqov also highlighted the growing significance of offshore wind and green hydrogen, noting that Masdar is actively investing in green hydrogen production and has already launched a pilot project for sustainable aviation fuel in the UAE. The company now aims to replicate that success in Azerbaijan.

He also pointed out that the Azerbaijani government is investing heavily in modernizing the national grid. Recently, two major energy storage systems were announced to help manage energy flow and frequency, which are expected to significantly boost the grid’s stability and performance.

Sadiqov underscored that Azerbaijan’s green energy ambitions are not limited to Europe-bound exports.

‘We’ve also witnessed agreements being signed with Central Asian countries. This marks a step toward building a large, stable energy network across the region,’ he said. ‘Azerbaijan is becoming the heart of an emerging energy hub – one that will play a critical role in the energy transition not only for the Caucasus but for the entire Eurasian region.’

A one-on-one meeting between President of the Republic of Azerbaijan Ilham Aliyev and President of Italy Sergio Mattarella has kicked off in Baku, Azernews reports.

On September 30, Ilham Aliyev, President of the Republic of Azerbaijan, held an expanded meeting with Sergio Mattarella, President of the Italian Republic.

Addressing the meeting, President Ilham Aliyev said:

– Dear Mr. President,

Distinguished guests,

I sincerely welcome you to Azerbaijan. We attach great importance to your visit. This is a manifestation of the relations of friendship and partnership between Italy and Azerbaijan.

We meet quite often in Rome. At the same time, this is your second official visit to Azerbaijan. During our meeting last year, I invited you to Azerbaijan, so I thank you for accepting my invitation. Today, the development of Italian-Azerbaijani relations is evident. We have already discussed several important issues. Our cooperation is multifaceted. We can state that it covers many areas, from energy to industrial production. Currently, our collaboration, which also covers the education sector, is of truly strategic importance, and I can say that the Joint Declaration on Comprehensive Strategic Partnership, signed five years ago, is being fully implemented.

Our relations are also crucial for the development of the region in which we are located and have a positive impact on our relations with the European Union. Italy has always supported our efforts to build closer relations with the European Union, and we are grateful to you for that.

Of course, there are many significant results in the energy sector. We have already talked about this. We will now continue this discussion in a broader format. Of course, we can rightly congratulate each other on the results already achieved. But our plans are broader. The implementation of new projects in the energy sector, both in a bilateral format with Italy and with the European Union as a whole, is very important, and we are successfully working on these issues.

Tomorrow there will also be a wonderful event – we will jointly participate in the opening of the new building of the Italy-Azerbaijan University. This is, in fact, our friendship project. Only three years have passed from the start of the project to its implementation. In 2022, I issued a relevant Order, and hundreds of students are already involved in education. Of course, they will become ambassadors of Italian-Azerbaijani friendship. They will both receive a wonderful education and further strengthen the friendship between us.

I greet you once again and say ‘Welcome!”

X X X

Italian President Sergio Mattarella said:

– Thank you, Mr. President. As I mentioned during our meeting, I am pleased to be visiting Baku again. I am truly delighted to see you in Baku again after seven years. This is evidence of the deep friendship that binds our countries together and of the multifaceted strategic partnership between us.

Your visit to Rome is another vivid example of our friendly relations. We attach great importance, in particular, to the strategic partnership between our countries. These relations continue to expand, cover multiple areas and are of great importance for the future.

It is a great honor for me to participate in the opening of the new university campus together with you tomorrow. This once again proves that the partnership between our countries is not limited to the economic sphere. This is also an example of the high level of cultural relations between us and the fact that they will open new horizons for the cooperation between our young people in the future.

Let me express my sincere gratitude to you for your invitation. This is also an occasion for more meetings in the future.