The Minister of Energy of the Republic of Azerbaijan Parviz Shahbazov made a speech at ADA University

The Minister of Energy Parviz Shahbazov made a speech at the 13^th Baku Summer Energy School, held at ADA University. In his report on "The present and future of Azerbaijan's energy policy", the Minister  of Energy spoke about the policy of the country on oil and gas, electric power engineering, an energy policy course, developed in line with the new trends in the global energy sector, the reform process, and future targets.  The Minister said that the formation of Azerbaijan's oil policy is related to the National Leader Heydar Aliyev's Oil Strategy, and highlighted the important role of the strategy as a country of oil and gas in long-term development and the strategic importance of global energy projects. It was noted that Azerbaijan's energy policy is based on mutual interests and thanks to this policy, $ 100.6 billion has been invested in the oil and gas sector of our country until now, and the share of foreign investments is about $ 85 billion.

The Minister Parviz Shahbazov said that the global energy transformation process has strengthen the role of renewable energy and energy efficiency. In recent years, the share of electricity in energy consumption has increased in the world. The achievement of significant results in the field of renewable energy use and energy efficiency, and the establishment of market relations in the electric power engineering sector are the targets of our country's current and future energy policy. The Minister highlighted the importance of the Decree of the President of the Republic of Azerbaijan "On acceleration of reforms in the energy sector" in implementing these goals of our energy policy. At present, the work done in this direction, new laws and plans for the long-term development strategy of the country's energy sector have been brought to attention.

Then the discussions were held on participants` questions.