Main feature of Caspian region – expansion of co-op in energy resources trade
Baku, Azerbaijan, Apr. 25
By Leman Zeynalova – Trend:
Today the Caspian region, thanks to its enormous potential, acquires special significance in terms of global energy security, said Azerbaijan’s Energy Minister Natig Aliyev.
He made the remarks during the conference titled "The 2nd SOCAR International Caspian and Central Asia Downstream Forum – Trading, Logistics, Refining, Petrochemicals" in Baku Apr. 25.
“The main feature of the Caspian region is the expansion of mutually beneficial cooperation in the field of trade in energy resources,” said Aliyev.
The minister noted that the Caspian region is becoming an integral part of global economic processes and it is acquiring the status of one of the key centers for regional energy cooperation.
“Under the unfavorable external economic situation related to the decline in oil and gas prices, the economic growth rates in countries of the Caspian region decreased significantly, which had a negative impact, primarily, on the volume of GDP production, it led to a decrease in the inflow of foreign exchange earnings, decrease in consumer activity and drop in demand for goods and services in the regional aspect. Negative trends in economy, in turn, affected the level of production and consumption of energy resources,” added Aliyev.
He further noted that the huge economic potential of the Caspian region in terms of reserves and extraction of energy resources, advantages of geographical location at the crossroads of Europe and Asia are of particular importance, both from the point of view of global energy security and the implementation of large-scale energy projects and the use of transport opportunities of the East-West and North South corridors.