Economy Minister Mikayil Jabbarov has said that Azerbaijan is
ready and open to discussing the issue of increasing energy
supplies to Europe, Azernews reports.
He made the remarks speaking at the World Economic Forum in
'Azerbaijan is asked to increase energy supplies. We are happy
to increase supplies to the market,' he said.
The minister underlined that however, investments in the sector
have been insufficient over the past few years due to the changed
policies of financial institutions towards fossil fuels, including
He emphasized that Azerbaijan is also a major supplier of gas to
Georgia and Turkey, from where it is transported to Greece,
Bulgaria, Italy, and Albania.
'We are currently working with our partners to increase gas
supplies to Europe,' he said.
Jabbarov added that Azerbaijan pursues a policy of joint
development of its natural energy resources.
'In addition to our large national oil company, we also have
major international partners, such as, for example, the EBRD,' he
He stated that Azerbaijan began the process of developing
investments in pipeline infrastructure, exploration, development,
and production back in 2012.
'The issues on our agenda today are the level of additional
commercial risks that local and foreign companies in Azerbaijan
could take now, how to manage these risks, how to use the support
of international institutions, and the need for a smooth transition
to green energy,' he said.
The minister also noted that Azerbaijan seeks to be a stable
partner in terms of supply of goods and services, participation in
political dialogue, and the overall priority of macroeconomic and
sound financial base.
To recall, with the completion of the TAP (Trans-Adriatic
Pipeline) construction on December 31, 2020, Azerbaijan began
commercial gas supplies to Europe via the Southern Gas Corridor.
The European Commission's Southern Gas Corridor initiative aims to
build a natural gas supply route from the Caspian and Middle
Eastern regions to Europe. The route from Azerbaijan to Europe
consists of the South Caucasus Pipeline, the Trans-Anatolian
Pipeline (TANAP), and TAP.
Last year, TAP transported 8.1 billion cubic meters of gas to
Europe. By late 2022, Azerbaijan plans to increase gas supplies to
Europe to 9.1 billion cubic meters, and in 2023, the volume of gas
supplies is expected to reach 11 billion cubic meters.
Additionally, today, the final work on the Interconnector
Greece-Bulgaria (IGB), which will transport natural gas from
Azerbaijan to Bulgaria, is in full swing. Gas was supposed to start
flowing via IGB back in 2020, but the delay in implementing the
project has been delayed for a variety of reasons.
According to the forecast of the Azerbaijani government for oil
and gas production in the country until 2026, about 48 billion
cubic meters of gas will be produced in 2023, 49 billion cubic
meters in 2024, and about 50 billion cubic meters in 2025.
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