'Azerbaijan is in key decision-making phase over regional energy security'

Azerbaijan's geopolitical and geostrategic situation enables the country to become a major transit hub for energy supplies destined for both Europe and Central Asia, Azerbaijani Minister of Industry and Energy Natiq Aliyev said in an interview with The Business Year journal.

According to Aliyev, Azerbaijan is in a key decision-making phase regarding regional energy security.

"Azerbaijan's main advantage is its diversified network of pipelines and reliable transport infrastructure, which positions the country as a key energy partner for Europe and the US," Aliyev said.

The minister said that the Trans Anatolian gas pipeline (TANAP), which will be built from the eastern border of Turkey to the country's western border, will be the first project of this magnitude transporting large volumes of gas to Europe.

According to Aliyev, Azerbaijan has strengthened its position as an oil and gas major after new large gas fields were discovered in 2011.

"The discovery of 200 billion cubic meters (bcm) of reserves and 30-40 billion tons of condensate at the Umid gas field will lead to heavy production in the next three to four years, spearheaded by SOCAR's $5 billion investment, Aliyev said. In addition, exploration was successfully conducted at the Absheron gas field, and according to the preliminary data, there are an estimated 350 bcm of gas reserves."

Aliyev also stressed that Azerbaijan is operating the world's first solar and wind hybrid-electric power station, which will enable the country to initiate new efforts in the field of renewable energy.

"The favorable geographical position and climatic conditions of the country allow us to increase the proportion of renewable energy in the future and reduce the impact on the environment," Aliyev said.

In the coming years, Azerbaijan will maintain emphasis on its energy-saving and environmental protection policies, he added.


/Trend/