Weekly actual topics in Azerbaijan (Dec. 8-12)

Analysis Materials 16 December 2014 16:38 (UTC +04:00)

Azerbaijan plays strategic role in issue of energy security of Europe

Azerbaijan plays a strategic role in the issue of energy security of Europe, said the head of the unit of Directorate General for Trade of the European Commission Luc Devigne, speaking at The European Parliament Young Leaders Forum.

He said that Azerbaijan occupies strategic place in the issue of energy security of Europe both as a producer of mineral fuels and a transit country for mineral fuels.

He also said that Azerbaijan is an important trade partner of EU. The trade turnover between the parties is about 17 billion euro, he said. At the same time, mineral fuel is the main product, which Azerbaijan exports to Europe, Devigne said. He went on to add that over 90 percent of EU imports from Azerbaijan falls on this kind of fuel.

Devigne said that Azerbaijan is not a member of WTO, but the country is quite successful compared to other non-members of WTO due to its energy reserves.

"But there are still some issues requiring improvements in the country's economy," he said. "Azerbaijan has to improve bussiness climate in order to attract new partners investments. This is needed to diversify its economy."

Azerbaijani gas is now considered as the main source for the Southern Gas Corridor project, which is a priority for the EU. The Southern Gas Corridor will allow Europe to diversify its hydrocarbon supply sources and strengthen energy security and also will allow Azerbaijan to obtain a new market in Europe.

The gas to be produced as part of the Stage 2 of the field's development will be exported to Turkey and to the European markets by means of expanding the South Caucasus Pipeline and construction of the Trans-Anatolian Gas Pipeline (TANAP) and the Trans-Adriatic Pipeline (TAP).