Caspian region has become energy hub - Azerbaijani minister (PHOTO)

Oil&Gas Materials 1 June 2023 09:52 (UTC +04:00)
Caspian region has become energy hub - Azerbaijani minister (PHOTO)
Sadraddin Aghjayev
Sadraddin Aghjayev
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BAKU, Azerbaijan, June 1. The Caspian region has geostrategically become an energy hub, Azerbaijani Energy Minister Parviz Shahbazov said during the Baku Energy Week, Trend reports.

According to him, Azerbaijan has strengthened its role in ensuring the energy security of Europe and the region as a whole.

"As you know, we initiated the Southern Gas Corridor project, which today plays an important role in export of Azerbaijani gas to the EU. Today we export our gas to six countries and the number of these countries will grow. Besides, partnership and cooperation with third countries is very important to achieve the set goals," he noted.

Azerbaijan, according to the minister, is working to increase sources of natural gas.

“Today, our country has about 1.7 trillion cubic meters of natural gas in reserve, which we plan to export to other countries in the future. Moreover, by 2028, due to the expanded use of renewable energy sources, we'll save about one billion cubic meters of gas, which will be exported," he said.

Shahbazov also said the government is working with the EBRD to assess the country's hydrogen production potential.

“Primary data reports have already shown positive potential. In particular, Nakhchivan also has great renewable energy potential. We also plan to attract such major players as MASDAR and ACWA Power," he said.

The minister added that in the field of future transportation to external green energy markets, it's expected to transport four GW of clean energy to the EU and one GW to Türkiye in the first stage.

The Baku Energy Week is taking place in the capital of Azerbaijan, combining three prestigious events under one brand from May 31 to June 3.

The 28th International Caspian Oil&Gas Exhibition (Caspian Oil & Gas) and the 11th Caspian International Power and Green Energy Exhibition (Caspian Power) are being held within the framework of the Baku Energy Week.

Baku Energy Week is traditionally held with the support of the Ministry of Energy and the State Oil Company of the Republic of Azerbaijan (SOCAR).

Besides Azerbaijan, the US, Germany, Austria, Belarus, UAE, Bulgaria, Great Britain, Vietnam, China, Algeria, Philippines, Finland, France, Georgia, Spain, Israel, Sweden, Switzerland, Italy, Canada, Kuwait, Kazakhstan, Hungary, Monaco, the Netherlands, Norway, Uzbekistan, Romania, Russia, Serbia, Saudi Arabia, Singapore, Thailand, Türkiye and Japan are represented at the event.

The Caspian Oil&Gas and Caspian Power exhibitions are being held at the Baku Expo Center, and the Baku Energy Forum are being hosted by the Baku Congress Center.