Azerbaijani President Ilham Aliyev said that the country managed to avoid the so-called oil curse faced by many countries with oil and gas reserves.
"We have turned oil into development. We have managed to ensure a fair distribution of wealth. Over the past twenty years, we have reduced the poverty rate in Azerbaijan from 50% to 5%. And all that you see here in Baku is a completely new development of infrastructure and improvement of people's living conditions," Aliyev said in an interview with Euronews.
The EU looks forward to expanding cooperation with Azerbaijan in the energy sector, European Commissioner for Energy Kadri Simson said.
"Azerbaijan has already proved that it is a reliable partner of the EU and plays an important role in ensuring Europe's energy security. However, we need more dialogue and more cooperation. During today's meeting, we reached a number of agreements. Among them: an increase in gas exports from Azerbaijan to Europe to 20 bcm by 2027, as well as the need to increase the capacity of the existing gas transportation infrastructure," Simson said at a press conference on March 1 in Baku.
Gas production in Azerbaijan in 2024 is planned at the level of 49 bcm, exports will exceed 24 bcm, Azerbaijani Energy Minister Parviz Shahbazov said on March 2 in Algeria at the summit of the Gas Exporting Countries Forum (GECF).
Natural gas production from deep-lying formations (deep-gas) at the Azeri-Chirag-Guneshli (ACG) field block will begin in the first quarter of 2025, Azerbaijani President Ilham Aliyev said. “The extraction of natural gas from ACG is a very promising project," Aliyev said in his speech last Friday at the 10th ministerial meeting within the framework of the Advisory Council of the Southern Gas Corridor.