As there is a big gap in price and reliability of deliveries between the countries in the middle of Europe and those on the outlying provinces of Europe, it is necessary to find the ways to connect the Caspian region with the European Union, Elshad Nasirov, Vice President of State Oil Company of Azerbaijan (SOCAR) for Investments and Marketing, said at the meeting with the members of the American Chamber of Commerce in Azerbaijan (AmCham).
“This is a challenging, if not the most challenging task in the world,” Nasirov said.
He said: “A lot can be said about the Southern Gas Corridor and we need to think what this corridor means for Europe and the world market. The European Union needs a higher level of security and energy safety cannot be separated from the national security of any country. It becomes obvious that energy is equal to a national security of any country,” he added.
* At the end of February 2014 SOCAR joined a big family AmCham in Azerbaijan, which includes over 270 members.—0—
Economics
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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Shareholders of the Caspian gas condensate "Absheron" project plan to approve the Front End Engineering Design (FEED) in December, laying the groundwork for full-scale development of the field, an informed source told Turan.
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In 2024, Europe will receive approximately 12.5 billion cubic meters of gas from Azerbaijan, with the list of buyers expanding to 12 countries. Speaking at an energy forum in Istanbul on Friday, SOCAR President Rovshan Najaf announced that cooperation with a 12th, new gas buyer would begin in December.
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