By Azernews

By Ayya Lmahamad

SOCAR’s Vice President Elshad Nasirov has said that Azerbaijan and Turkmenistan are interested in diversifying ways to export energy to the world market.

He made the remarks during the International Oil and Gas Forum held in Ashgabat, local media has reported.

Noting that both countries have large reserves of hydrocarbon raw materials and modern industry components he stated that this opens up great opportunities for developing effective bilateral cooperation in this field.

The company’s vice president also noted that since 2020, trade turnover between the two countries has increased fivefold.

The signing of the memorandum of understanding on joint exploration, development and exploitation of the Dostlug hydrocarbon field in the Caspian Sea on January 21, 2021 was particularly emphasized. Nasirov noted that there is definite progress in bilateral cooperation in the sphere of transport.

Additionally, Nasirov underlined that Azerbaijan is interested in cooperation with the Caspian countries, in unlocking the potential of the Caspian Sea and needs joint efforts to achieve this.

On January 21, 2021, Azerbaijan and Turkmenistan signed a memorandum of understanding over the joint exploration of the Dostlug gas field. According to experts' estimates, the Dostlug gas field contains natural gas and 60-70 million tons of oil.

Azerbaijani President Ilham Aliyev said on January 21 that the signed agreement opens a new page in the development of the Caspian's hydrocarbon resources.

"This project will contribute to the strengthening of the energy security of our countries, as well as our neighbors. This project opens up great export opportunities, thereby contributing to the growth of the well-being of our peoples," the president said.

In turn, the Turkmen leader noted that the signing of the memorandum marks a new stage in the energy cooperation between two countries in the Caspian Sea.

The deal will enable future transport of Turkmen hydrocarbons to Europe via Azerbaijan, thereby bolstering Azerbaijan’s position as a regional energy hub and Europe’s energy provider.