Azerbaijan has enough gas reserves to meet EU needs - SOCAR

Economy Materials 2 June 2022 15:48 (UTC +04:00)
Azerbaijan has enough gas reserves to meet EU needs - SOCAR

BAKU, Azerbaijan, June 2. Azerbaijan has enough gas reserves to meet the needs of EU countries, Acting President of the State Oil Company of Azerbaijan (SOCAR) Rovshan Najaf said at the 27th Energy Forum in Baku, Trend reports.

According to Najaf, the current infrastructure doesn’t allow supplying liquid natural gas to the EU markets in the required volumes.

"In recent years, investments in this sector decreased compared to the oil industry. Work is underway to attract financial organizations to invest and expand the pipeline infrastructure of our country. Besides, it’s needed to attract players being ready to support gas production in our country," he noted.

In the coming years, according to the acting president, the demand for natural gas will grow.

Najaf also noted that SOCAR and its partners will increase natural gas production.

"We have plans, conduct negotiations and technical work in this direction," he said.

At the same time, Najaf reminded that the process of transformation in the direction of "green" energy in SOCAR was launched in 2021 and a corresponding program that will run until 2035 was prepared.

"The oil and gas resources will be in demand for at least another 10 years. Besides, our company is working on alternative energy projects. The implementation of these projects will help reduce the consumption of gas that will be exported. The company is also working on digitalization. The main ones are works in the direction of renewable energy. By the end of this year, it’s planned to implement a number of projects," he added.