Caspian region has become energy hub: Azerbaijani minister
The Caspian region has geo-strategically become an energy hub, Azerbaijani Energy Minister Parviz Shahbazov said on Thursday.
Speaking at the Baku Energy Week, Minister Shahbazov noted that Azerbaijan has strengthened its role in ensuring the energy security of Europe and the region as a whole, News.Az reports.
“As you know, we initiated the Southern Gas Corridor project, which today plays an important role in the export of Azerbaijani gas to the EU. Today we export our gas to six countries and the number of these countries will grow. Besides, partnership and cooperation with third countries are very important to achieve the set goals," he said.
Minister Shahbazov stressed that Azerbaijan is working to increase sources of natural gas.
“Today, our country has about 1.7 trillion cubic meters of natural gas in reserve, which we plan to export to other countries in the future. Moreover, by 2028, due to the expanded use of renewable energy sources, we'll save about one billion cubic meters of gas, which will be exported,” he said.
Shahbazov also said the Azerbaijani government is working with the EBRD to assess the country's hydrogen production potential.
“Primary data reports have already shown positive potential. In particular, Nakhchivan also has great renewable energy potential. We also plan to attract such major players as MASDAR and ACWA Power,” he added.
The Baku Energy Week is taking place in the capital of Azerbaijan, combining three prestigious events under one brand from May 31 to June 3.
The 28th International Caspian Oil&Gas Exhibition (Caspian Oil & Gas) and the 11th Caspian International Power and Green Energy Exhibition (Caspian Power) are being held within the framework of the Baku Energy Week.
The Baku Energy Week is traditionally held with the support of the Ministry of Energy and the State Oil Company of the Republic of Azerbaijan (SOCAR).
Besides Azerbaijan, the US, Germany, Austria, Belarus, UAE, Bulgaria, Great Britain, Vietnam, China, Algeria, Philippines, Finland, France, Georgia, Spain, Israel, Sweden, Switzerland, Italy, Canada, Kuwait, Kazakhstan, Hungary, Monaco, the Netherlands, Norway, Uzbekistan, Romania, Russia, Serbia, Saudi Arabia, Singapore, Thailand, Türkiye and Japan are represented at the event.