Minister: Azerbaijan - integral part of global energy security system

Minister: Azerbaijan - integral part of global energy security system

BAKU, Azerbaijan, Sept. 18

By Elchin Mehdiyev – Trend:

A new era began in Azerbaijan and in the region as a whole after signing the "Contract of the Century" 26 years ago, Azerbaijani Energy Minister Parviz Shahbazov said.

Shahbazov made the remark during a videoconference of the secretariat of the ruling New Azerbaijan Party dedicated to “The Contract of the Century" and the Modern Realities of Azerbaijan”, Trend reports on Sept. 18.

The minister said that this, in its essence, was one of the most important events in the history of Azerbaijan's independence.

“Azerbaijan’s today's place in the world differs from that which was 26 years ago,” Shahbazov added. "Today, Azerbaijan from a country with the weak, unstable, socio-economic situation, which during that period was taking the first uncertain steps on the path to independence, has turned into the leader of the region, creator of global energy and communication projects, a steadily developing country with high prestige on international arena.”

“The achievements that have raised our country to this level are based on the "Contract of the Century",” the minister added. “If gaining independence in 1991 was the official confirmation that Azerbaijan is entitled to be master of its own destiny, then the "Contract of the Century" became the practical evidence.”

“The signing of the "Contract of the Century" thanks to determination, high authority and foresight of national leader Heydar Aliyev ensured Azerbaijan the long-term development of hydrocarbon resources of the Caspian Sea on the basis of international cooperation, the use of advanced experience, new technologies and investments of giant oil and gas companies," Shahbazov said.

“The energy projects have made Azerbaijan an integral part of the global energy security system, a reliable partner,” the minister added. “Azerbaijan realized the idea of diversifying the energy routes in the region with the help of the Baku-Tbilisi-Ceyhan main export gas pipeline, which is the contribution of the "Contract of the Century".”

"Then, the signing of an agreement on the Shah Deniz gas field, as well as the construction of the Baku-Tbilisi-Erzurum export gas pipeline with further implementation of the Southern Gas Corridor project continued this trend,” the minister said. “Foresight in forecasting of such goals in Azerbaijan as diversification of energy routes and energy security, today found confirmation in the realities of our modern world.”

“All these continuing achievements of the "Contract of the Century" are the results of the purposeful energy policy of President of Azerbaijan Ilham Aliyev, the selfless labor of the Azerbaijani oil workers within the implementation of this policy and our effective cooperation and reliable partnership with international oil companies,” Shahbazov said.

“Thus, with the extension of the agreement on the development of the Azeri-Chirag-Gunashli fields until 2050 three years ago, thanks to the results of our joint work with foreign partners over the past 26 years and the political will of President Aliyev, this contract, in fact, received the status "A contract of two centuries"," the minister said.

Shahbazov stressed that the coronavirus pandemic set new challenges for humanity, has caused great changes in the existing geopolitical order and the energy situation of the world.

"Azerbaijan's entry to a new level in its development will also depend on bringing its energy policy in line with the modern requirements, maintaining the relevance of its position as an energy center in terms of new geopolitical realities, challenges in the economy, energy and environmental security,” the minister said.

“In this regard, the policy linking the national security of our country with the formulas of global security through the "Contract of the Century" and specific projects emanating from it is expected to play an important role,” Shahbazov said.

“From the moment of commissioning until September 2020, 516 million tons of oil were produced at the Azeri-Chirag-Gunashli fields, Azerbaijan exported 305 million tons of oil produced from these fields to the world market, more than 48 billion cubic meters of associated gas were supplied to the State Oil Company of Azerbaijan SOCAR, and in general, the total revenues from the project reached $145.8 billion,” the minister said.

“The development of deposits until 2050, the launch of new projects will allow us to consolidate this success for 30 more years,” Shahbazov said.

“Given that the Azeri-Chirag-Gunashli fields are the country's main source of income and that the oil and gas sector will continue to play an important role in Azerbaijan's economy in the coming years, the sustainability in upstream operations is of strategic importance,” the minister said.

“The presence of such a contract in terms of declining demand for oil, low prices, when many international energy companies in the period of energy transformation are abandoning oil and gas projects, adopting the strategies in which the preference is given to the renewable energy sources, is a fairly reliable guarantor," Shahbazov said.

Subscribe to Trend in Google News! Subscribe
Russian Health Ministry greenlights joint COVID-19 and flu vaccination
Russian Health Ministry greenlights joint COVID-19 and flu vaccination
US corporate workers to start returning to offices next month
US corporate workers to start returning to offices next month
Chinese company opens massive eco-friendly mine in Serbia
Chinese company opens massive eco-friendly mine in Serbia
Loading Bars
Russian Health Ministry greenlights joint COVID-19 and flu vaccination
Central Bank discloses volume of loans issued to Azerbaijan's districts
Georgia records surge in tourist visits from Uzbekistan
Tourist inflow from Kazakhstan to Georgia soars
Iran boosts exports through customs of Zanjan Province
Azerbaijan notes decrease in banking sector' profit
Azerbaijan sees rise in mortgage lending
Iranian currency rates for October 23
Weekly review of Azerbaijani currency market
Georgia releases data on COVID-19 cases for October 23
New customs post in Azerbaijan to speed up cargo movement along North-South corridor (PHOTO)
Azerbaijan, Armenia to sign new documents in Moscow
Azerbaijani oil prices increase
Georgia sees decrease in tourist inflow from Azerbaijan
Turkmen company to purchase material, technical resources via tender
Kazakh energy company opens tender to buy metal corners
Kazakh oil company opens tender to buy spares
Kazakh KazMunayTeniz opens tender for Caterpillar equipment maintenance
Azerbaijan's Central Bank unveils data on currency exchange operations for Jan. through Sept. 2021
Azerbaijani fund presents concept for restoration of liberated territories
EDB purchases bonds of Kazakh KEGOC JSC
US corporate workers to start returning to offices next month
Iran changes pricing of petrochemical products at its mercantile exchange
Iran's foreign exchange needs trigger to expand exports
Surge of energy prices puts Europeans in stalemate (VIDEO)
Chinese company opens massive eco-friendly mine in Serbia
Kazakhstan’s daily COVID-19 case count stands at 1,732
Georgian honey exports skyrocket, following COVID-ravaged year
Iranian envoy, head of Georgia's State Security Service meet
Turkey announces commissioning date for logistics center in Sivas (Exclusive)
US military eliminates one of Al-Qaeda leaders in northwest Syria
Mutation of Delta variant may be more transmissible: UK health agency
Biden, Macron discuss cooperation, to meet in Rome late October
India, UK working on free trade agreement: Harsh Vardhan Shringla at India Global Forum
Turkey reports 28,192 daily COVID-19 cases
G7 countries reach breakthrough on digital trade and data
India perhaps only G20 country to fulfil...: India ahead of COP26 climate summit
U.N. plane aborts landing as air strike hits Ethiopia's Tigray
Relations with India stronger than ever, says Maldives Defence Minister
Chronicles of Victory: October 23, 2020
Iranian delegation leaves for Tashkent to observe elections
UK PM Johnson says fresh COVID lockdown not on the cards
2 soldiers, terrorist killed in northwestern Pakistan's clash
Pfizer/BioNTech COVID-19 vaccine shows 90.7% efficacy in trial in children
Belarus, Kazakhstan discuss joint efforts to maintain regional security
Georgia, Turkey to set up joint air force plant
TURKIC.World project presented at media forum of Turkic Council (PHOTO)
Iran boosts transit via TRACECA corridor
French court annuls "treaty" with illegal Armenian regime in Azerbaijan's Karabakh
Azerbaijan's MoD inspects combat positions in liberated Kalbajar, Lachin districts (PHOTO)
Uzbekistan Airways opens tender related to local fire alarm system
Iran looks to enhance road development in Ardabil province
Main countries of origin for tourists arriving in Georgia
Spanish Gedepsa interested in growing olive plantations in Uzbekistan
Azerbaijan reveals number of mines, munitions found on its liberated lands (PHOTO)
Overview of Uzbekistan's retail trade turnover dynamics between 2010-2020
When Karabakh road infrastructure to be fully ready?
Armenians propagate Nazi Nzhdeh and accuse Azerbaijan of racism (VIDEO)
Relations With India Stronger Than Ever, Says Maldives Defence Minister
Bennett-Putin meeting lasted five hours, was warm and positive
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 2,112 more COVID-19 cases, 882 recoveries
Australia says EU has postponed free trade talks for second time
Azerbaijan’s volume of non-cash payments continues to grow
Delta Galil files for Nasdaq offering
Azerbaijan's investment attractiveness increased after liberation of its lands - minister (PHOTO)
Turkmenistan reduces wheat imports from EAEU states
Azerbaijan’s wheat imports from EAEU countries revealed
Belarusian company to supply Azerbaijan with cables
Azerbaijan sees growth in its population's bank deposits
Azerbaijan commissions recently built military facilities in its liberated lands (PHOTO/VIDEO)
Non-tourist trips to Georgia plummet
Kazakh Tengizсhevroil to reduce LPG supplies to Ukraine after polypropylene plant's launch
Iran to use domestic capacity for road fleet modernization
Azercell once again bestowed with ISO 37001:2016 Anti-bribery Management Systems standard of compliance
Azerbaijan reveals data on mine clearance work carried out in liberated lands
Azerbaijan’s cargo transportation by all types of transport decreases in 9M2021
Ukrainian companies interested in entering Turkmen market
EBRD, EU to provide loans for indirect financing of green technologies in Georgia
SOCAR-AQS exceeds drilling progress plan
President Ilham Aliyev sends congratulatory letter to Hungarian counterpart
Azerbaijan to expand co-op with Turkey in mine clearance – ANAMA
Uzbekistan signs agreement to put out former uranium mining sites
Iran eyes developing non-oil exports
India hopes to work with China for resolution of issues: Shringla
Azerbaijan’s Bulla Deniz produces over 54,000 tons of oil with technical measures
UK foreign secretary begins India visit today, to hold talks with Jaishankar
Uzbekistan to expand network of local duty-free shops
Azerbaijani SME agency ready to fully support alternative energy dev't
SOCAR sums up results of operation at Oil Rocks
Turkmenistan overhauling railways on border of Akhal, Balkan regions
SOCAR reveals time of commissioning 2nd production complex at Gunahsli field
Uzbek, Russian enterprises considering joint textile enterprises
Azerbaijan to start exporting locally-produced mineral water to Europe (PHOTO)
Azerbaijan not planning to transfer all schools online - ministries
SOCAR details on works carried out at Heydar Aliyev Oil Refinery in 2020
Progress on CAREC transport projects in Kazakhstan unveiled
Russia reports 37,141 COVID-19 cases in past 24 hours
Natural gas, coal prices to remain at high levels through start of 2022
FAO's representative office may be opened in Turkmenistan
All news