Weekly economic review (Oct. 15-19)

Analysis Materials 22 October 2012 11:42 (UTC +04:00)

The sixth Caspian Oil and Gas Trading and Transportation Conference, organized by Confidence Capital together with the Azerbaijan State Oil Academy was held in Baku last week.

The representatives of the leading companies in the region, as well as partner companies discussed the future distribution of hydrocarbon resources, trends and scenarios for the development of energy projects in the region.

The Caspian region is turning into one of the largest energy poles of our planet, designed to ensure global energy security, Azerbaijani Minister of Industry and Energy Natig Aliyev said at the VI Caspian Oil and Gas Trading and Transportation Conference in Baku.

The EU and Azerbaijan share clear strategic energy objectives, head of the EU office in Baku Roland Kobia said at the VI Caspian Oil and Gas Trading and Transportation Conference in Baku.

"The opening of the Southern Gas corridor will be the winning situation for the both sides," Kobia said. "By linking these two markets through the Southern Gas Corridor, Azerbaijan will increase its diversification of export routes, as well the EU will diversify its import sources."

"The consumption, as well as the dependence of the EU on the import of fossil fuel will increase," Kobia said. "The EU will need more gas in the future, that is why it is a potential market for the suppliers."

"The EU wants the Southern Gas Corridor to be transformed into reality and be opened," he said.

"In that respect he welcomed the intergovernmental agreement on Trans Anatolian gas pipeline (TANAP), signed between Azerbaijan and Turkey in June," he said. "The EU hoped that TANAP will be realized as soon as possible."

"Nabucco West is holding very fruitful negotiations with the consortium of Azerbaijani Shah Deniz field development," Nabucco Gas Pipeline International GmbH spokesman, Christian Dolezal said at the VI Caspian Oil and Gas Trading and Transportation Conference organized by Confidence Capital.

"We are in very fruitful negotiations with the Shah Deniz consortium, and we are positive that we can conclude a cooperation agreement with them by the end of this year," Dolezal said.

According to Dolezal, the interests of the Shah Deniz consortium, as well as the interests of Nabucco shareholders will be reflected in a cooperation agreement. An agreement will also include the issues of the potential shareholding and the technical aspects of cooperation.