BAKU, Azerbaijan, May 23. Azerbaijan is ready and open to discuss the country's increase of energy supplies to Europe, Minister of Economy of Azerbaijan Mikayil Jabbarov said at the World Economic Forum held in Davos, Switzerland, Trend reports.
“Azerbaijan is asked to supply more of its energy resources. We are happy to increase the supply to the market. However, over the last few years, this sector has been severely underinvested, reflecting the changed policy of financial institutions, policy makers, relating to fossil fuels, including natural gas,” the minister said.
Jabbarov also reminded that Azerbaijan is a major supplier to Georgia, Turkey, and further on to Greece, Bulgaria, Italy, and Albania.
"Currently, we are working with our partners towards supplying more gas to Europe, he added.
According to the minister, Azerbaijan carries out a policy of a joint development of its natural energy resources.
“In additional to our national major oil company [SOCAR], we also have our major international supporters, such as EBRD for example,” Jabbarov said.
“Azerbaijan started a process for making sure that there are significant investments in pipelines, exploration, development and production back in 2012. The level of additional commercial risks that could have been taking now by local and foreign companies in Azerbaijan, how these risks should be managed, how we should use the support from the international institutions, and the necessity to make the transition smoothly are currently the issues on our agenda,” the minister added.
He also noted that Azerbaijan is committed to being a stable supplier, in terms of goods and service, in terms of policy dialogue participation, and overall priority of macroeconomic and strong financial framework.
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