BP Considering Azerbaijan’s Opportunities Transit of Energy Resources of Kazakhstan Turkmenistan

Oil&Gas Materials 10 April 2007 11:44 (UTC +04:00)

Azerbaijan, Baku / Trend / Heydar Babayev, the Azerbaijani Minister for Economic Development has met with Bill Schreder, the President of BP Azerbaijan.

The Ministry reported that Babayev showed interest in continuing its co-operation with BP. Babayev stated "The achievements in the county's industry has given impetus to the development of other areas of economy and as a result the economy growth rate within the non-oil sector increases year by year,". The growth rate in 2006 was 12%.

Voicing his satisfaction with BP's activities in Azerbaijan, Babayev noted the company's significant role in the exploitation of hydrocarbons and the Government's interest to expand its co-operation with this western oil giant.

The President of BP Azerbaijan emphasized the prospects of the Caspian region and reflected on transit opportunities, including the transit of energy resources of Kazakhstan and Turkmenistan through Azerbaijan. He also showed his appreciation at the prospects to participate with companies in Kazakhstan and Turkmenistan.

Appreciating the country's transit opportunities, Schreder noted that it would be profitable to use Azerbaijan's opportunities widely in the transit of energy resources of Kazakhstan and Turkmenistan. Within the framework of available terms, the companies functioning in the oil and gas sector of Azerbaijan may participate in oil machinery and projects of Kazakhstan and Turkmenistan.

Schreder noted that BP Azerbaijan uses local goods and services and is keen to expand on this.