Major energy companies committed as ever to Azerbaijan

Energy Minister Natig Aliyev stated that Azerbaijan is giving significant impetus to ensuring the energy stability in Europe. Aliyev, addressing the 24th Caspian International Oil and Gas Conference in Baku on June 1, said that Azerbaijan has been successfully cooperating with foreign partners in the oil and gas sector and implementing various big projects.

“As a result of this cooperation, the development of such largest oil and gas fields in Azerbaijan, as ‘Azeri-Chirag-Gunashli’ and ‘Shah Deniz’ started,” the minister said. He stressed that the country is implementing projects that have become vital for Europe. “That’s because the diversification of energy sources plays a major role in Europe’s security, and Azerbaijan is ready to play this role,” he added.

First Vice President of Azerbaijan’s State Oil Company SOCAR Khoshbakht Yusifzade, in turn, informed the participants that the work on the project of developing Stage 2 of Azerbaijan’s Shah Deniz gas condensate field has been completed by 93 percent.

He said that two wells are being drilled at the field, adding that work at another well is under completion.

Being one of the main components of the large-scale Southern Gas Corridor project, Shah Deniz 2 is expected to add a further 16 bcm per year of gas production to the approximately 9 bcm per year produced by Shah Deniz Stage 1.

"The South Caucasus Pipeline Expansion Project has been completed by 85 percent. The TransAnatolian Natural Gas Pipeline (TANAP) has been constructed by 72.4 percent,” Yusifzade stated.

Azerbaijan will open its first Trade House in Russia in Arkhangelsk region. This was discussed at a meeting between Head of Executive Authority of Imishli Region William Hajiyev and Economic Development Minister of Arkhangelsk Semyon Vuymenkov.

The main topic of the meeting was trade and economic relations and the prospect of establishing an Azerbaijan Trade House in the Arkhangelsk region.

Vuymenkov said the Trade House will be located in one of the historical buildings in Arkhangelsk.

He stressed that the opening of the Trade House would be a good driver for the development of economic and cultural-educational cooperation between Archangelsk and Azerbaijan.

“The potential of the northern region is not limited to the products of timber industry. The Arkhangelsk region can also supply meat, milk, seed potatoes, algae plant products and berries,” he said.

The Minister invited the Azerbaijani delegation to take part in the Margaritinskaya Fair.

Hajiyev, addressing the meeting, said that this will be the first Trade House of Azerbaijan in Russia.

“It is important for us not only to create the Trade House in Arkhangelsk region, but also we would like to restore one of the historical buildings of Arkhangelsk, to unite under its roof a Trade House and the Heydar Aliyev Friendship Center. Moreover, we are considering the prospect of opening a similar site in our region,” said Hajiyev.

President Ilham Aliyev signed a relevant decree on January 26, and endorsed the economy minister to appoint trade representatives to the country’s diplomatic missions abroad and open trade houses.

Trade representatives will take measures to expand Azerbaijan`s economic and trade relations with foreign countries, protect economic interests of Azerbaijan, increase export of Azerbaijani goods and services, promote Azerbaijan’s business environment and investment opportunities.

Trade houses in foreign countries will facilitate the export process, promote an export of competitive Azerbaijani production and enable the countries to expand trade operations.

Azerbaijan’s first ever Trade House was opened in the Belarusian capital Minsk, on May 26.