BAKU, Azerbaijan, June 6. The growth of supplies of oil and petrochemical products through the Caspian Sea and Azerbaijan is increasing the Middle Corridor's relevance, Zaur Gahramanov, an advisor to the President of the State Oil Company of Azerbaijan (SOCAR), said, Trend reports.
He made the remark during today's panel discussion themed "Oil Flows: Cross-Logistics and Infrastructure Development in Azerbaijan" at the Baku Energy Forum in Azerbaijan.
“Currently, foreign companies recognize the importance of the Middle Corridor and are ready to finance its development, for example, UAE companies and other investors,” he emphasized.
According to Gahramanov, the Middle Corridor is multimodal; cargo is being supplied in containers on ships, as well as oil and oil products on tankers, and the volumes are growing.
To note, the Middle Corridor has been operating for 10 years, but due to geopolitical realities, it has been developing most actively in the last two–three years.
In 2023, 2.7 million tons of cargo passed through it (an increase of 86 percent); this year, the volume is planned to be 4.2 million tons.
To note, over 600 delegates are participating in the forum, which began on June 5, representing a diverse range of countries including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance for Azerbaijan and the broader Caspian region, focusing primarily on considerations and financing related to energy security, energy transition, and green energy projects.
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