UK PM: Azerbaijan's energy resources to play vital role in European and world economy

UK PM: Azerbaijan's energy resources to play vital role in European and world economy

Azerbaijan, Baku, June 4 / Trend S.Aliyev /

Azerbaijan's energy resources will play an increasingly vital role in European and world economy in the years to come, UK prime minister David Cameron said in the message addressed the participants of the 20th anniversary edition of Caspian Oil & Gas 2013 Exhibition and Conference, which is being hosted in Baku.

"2013 will be an important year for the realizing of the Southern Gas Corridor project with the continued development of the world class Shah Deniz field and a number of key decisions being made on the final pipeline route to Europe", Cameron said.

However, according to the prime minister, much work still needs to be done to realize the full ambition of the Southern Gas Corridor as the route for the Central Asian gas to Europe.

The Southern Corridor is one of the EU's priority energy projects aimed at diversifying the routes and sources of energy supply, thereby increasing secure delivery. Gas to be produced during the second phase of the Azerbaijani Shah Deniz field development is considered as the main source for the Southern Gas Corridor projects.

Currently, the Shah Deniz consortium considers two options for its gas transportation to Europe - TAP and Nabucco West. The final decision on the pipeline route will be made in June, 2013.

"I am confident that this ambition will become a reality," he said.

Prime minister congratulated the President of Azerbaijan Ilham Aliyev and the people of Azerbaijan on the occasion of 20th Caspian oil and gas exhibition and conference, and welcomed the continued strong bilateral relationship between the two countries.

The largest oil and gas event in the Caspian Region, the Caspian Oil & Gas Exhibition and Conference, takes place in the Baku Expo Center from 4 to 7 June 2013, marking its 20th anniversary.

The exhibition brings together 386 companies from 28 countries, including oil and gas field developers and service providers.

The exhibition is based in three pavilions of the Baku Expo Center and an outdoor space next to the complex. Germany, China, Russia, Turkey and the UK will present national groups.

Compared to last year, exhibition space has grown by 22 percent and total exhibitor numbers by 25 percent percent. 20 percent of exhibitors are companies that have never come to Azerbaijan's market before, which shows the continued interest in the event, and the annual increase in the share of local companies, which this year make up 30 percent of all exhibitors, is an encouraging factor and a major achievement.

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