BAKU, Azerbaijan, June 5. Kazakhstan and Uzbekistan might join the green energy corridor from Azerbaijan to Europe, with detailed negotiations currently in progress, Deputy Minister of Energy of Azerbaijan Kamal Abbasov said during the "Executive Talks: Energy Security 2.0" panel at the 29th Baku Energy Forum, Trend reports.
He stated that Azerbaijan, already a supplier of oil and gas to the European Union, might soon become a provider of green energy. The country awaits a feasibility study on a green energy corridor from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria by the end of 2024.
This balance will ensure market stability and foster qualitative market development.
Abbasov noted that, as part of energy source diversification, the Southern Gas Corridor, a critical component of EU energy security, was completed and became operational in 2020.
"A strategic energy partnership agreement was signed with the EU in the summer of 2022, and our cooperation extends beyond gas," Abbasov emphasized.
Azerbaijan's confirmed gas reserves exceed two trillion cubic meters, with about one billion tons of oil.
The deputy minister mentioned that oil production in 2024 may remain at the 2023 level (around 30 million tons).
Gas production is expected to increase, with 24.3 billion cubic meters (half of production) designated for export. Of this, over 12 billion cubic meters will be exported to the EU.
To note, over 600 delegates are participating in the forum, 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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