EU Delegates at BEF Laud Azerbaijan's Role in European Energy Security

Baku/01.06.23/Turan:   Delegates from European Union (EU) nations attending the Baku Energy Forum (BEF)  have expressed their confidence in Azerbaijan's crucial role in the new European energy security landscape.

Czech Industry and Trade Minister, Jozef Sikela, acknowledged his country's reliance on Azerbaijani oil and emphasized the significance of Azerbaijani gas for the EU.

Sikela pointed out that the ongoing conflict between Russia and Ukraine continues to present challenges, particularly in the realm of energy security, as the EU currently imports 150-155 billion cubic meters of gas from Russia. He stressed the need for collective efforts to address energy security concerns in the face of evolving circumstances.

The Czech Republic has taken measures to reduce natural gas consumption by 20% while actively promoting renewable energy sources and diversifying hydrocarbon imports.

Romanian Energy Minister, Virgil-Daniel Popescu, echoed Sikela's sentiments, highlighting the complications caused by Russia's continued involvement in the conflict in Ukraine.

Popescu affirmed Romania's commitment to diversifying its energy sources by securing gas supplies from Azerbaijan and developing its own gas field in the Black Sea, with the aim of replacing coal with gas. Romania is also focusing on the expansion of nuclear power plants and renewable energy systems to address energy security concerns.

Peter Starai, a representative from Hungary, a nation heavily dependent on Russian fuel, emphasized Baku's status as one of the world's energy capitals.

He stressed the importance of developing additional infrastructure and business solutions to increase capacity, highlighting the revolutionary potential of the Middle Corridor and the transportation of energy from Azerbaijan via the Black Sea. Hungary is also banking on the expansion of its nuclear power plants, aiming to double capacity to 400 MW.

Cristina Lobillo Borrero, an EU representative, commended Azerbaijan for increasing its gas supplies to the EU by 40% in 2022.

She revealed that the EU has reduced gas purchases from Russia to 70 billion cubic meters, down from the previous 150 billion cubic meters, while significantly increasing liquefied natural gas (LNG) imports from the United States to 50 billion cubic meters, up from 21 billion cubic meters.

Borrero expressed optimism that the EU's new joint gas purchasing platform would effectively meet approximately half of the EU's gas demands.

Azerbaijani Energy Minister, Parviz Shahbazov, underlined the country's substantial gas reserves, estimated at 1.7 trillion cubic meters. He emphasized that Azerbaijan possesses the necessary resource base to increase gas exports to Europe, not only from the Shah Deniz field but also from Absheron, Umid, and Babek.

Shahbazov announced Azerbaijan's goal to double its gas supplies to the EU by the end of 2026.--0--