Minister of Energy of Azerbaijan spoke about diversification of energy markets at Russian Energy Week

Azerbaijan's Energy Minister Parviz Shahbazov participated in the 6th Russian Energy Week (REW) International Forum in Moscow. During the meeting attended by Russian Deputy Prime Minister Alexander Novak, Shahbazov shared his views on the global oil and gas market and Azerbaijan's gas supply priorities.

Emphasizing the growing importance of diversification in modern realities, where the global energy architecture is being redesigned, the Minister said that diversification is the diversity of sources for consumer countries, routes and markets for Energy countries.

The Minister of Energy noted that the development of all types of energy resources in our country and their export to world markets in various directions has always been carried out in parallel, as a result of which Azerbaijani gas is supplied to regional and European markets: "Azerbaijani gas is currently transported to seven countries. The expansion of the Southern Gas Corridor, the 'Solidarity Ring,' and other initiatives provide opportunities for expanding the geography of gas deliveries. Coordinated actions and broad cooperation are necessary."

Besides, he emphasized that Türkiye is an important partner for Azerbaijan in its plans to enter new markets for the Azerbaijan's gas supplies.  

The Minister also assessed the current attitude to oil and gas as an approach that leads to problems not only for energy security, but also for the environment, and increases instability in energy markets. "The complete abandonment of oil and gas is not a solution to the transformation and energy trilemma of the existing energy system, which consists of 85% hydrocarbons and 55% oil and gas in a short time. The energy transition is a rather lengthy process that takes into account energy security, economic affordability, and ecological sustainability. To achieve a balanced energy system, the need for continued investments in the oil and gas sector shouldn't be questioned while simultaneously expanding the use of renewable energy sources.  Namely, the countries that ensure energy security for themselves and their partners can implement the right and rational energy transition policy," the Minister added.