BAKU, Azerbaijan, Aug. 28
By Sadraddin Aghjayev - Trend:
Azerbaijan's international cooperation in the oil and gas industry ensures its financial stability, Deputy Director General of the Russian National Energy Institute Alexander Frolov told Trend.
According to Frolov, the stability of the oil and gas sector in Azerbaijan is strong, which is caused by the presence of a significant resource base, and this is connected with the interest in the country from many Western, Russian and Turkish companies.
“In addition, Azerbaijan's cooperation with these players gives it guarantees of financial stability, as this ensures investments, in specific projects of the State Oil Company (SOCAR),” he said.
On the other hand, this ensures energy stability, since in case of a shortage of exported oil products, Azerbaijan will be able to get them from its Russian partners, Frolov said.
He stressed that Azerbaijan has a fairly advantageous geographical position and resource base of oil products.
From January through July 2021, Azerbaijan exported more than 12 billion cubic meters of natural gas, which is 56.36 percent more compared to the same period of 2020. In value terms, gas exports exceeded $2 billion.
In addition, during this period, Azerbaijan exported over 17 million tons of oil, which is 14.33 percent less compared to the same period of last year. In value terms, oil exports amounted to $7.58 billion, having risen 18.5 percent on annual basis.
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