The Minister of Energy delivered a speech at the XXII Eurasian Economic Summit

The Energy Minister of Azerbaijan Parviz Shahbazov delivered a speech at the XXII Eurasian Economic Summit in Istanbul. In his welcoming speech, the Minister assessed the activity of the Eurasian Economic Summit as one of the most successful formats of cooperation promoting peace and dialogue for many years. He noted that these summits contribute to the development of cooperation in the Eurasian region as a platform where new challenges are being discussed during the globalization period. It was noted that the factors that make this year's summit to be organized under the "Responsible for the Future" slogan require everyone to assume responsibility and co-operation in ensuring the security, political stability, development and progress in the Eurasian space, the continuity of cultures and interreligious dialogue.

The minister continued his speech titled "Azerbaijan's Energy Potential and Digital Energy" with remarks on the impact of digital technologies on the economy and in particular on the energy sector. The Minister of Energy said that the energy factor, which plays a crucial role in economic and national security, interstate relations and geopolitical processes, has gained new content through the development of technologies. "Digital transformation in recent years, along with the economic factors, is also crucial in resolving the problems caused by oil prices and price volatility through the influence of geopolitical processes. It is difficult to recover production costs now with an increase in oil prices. Therefore, the most optimal choice in an indefinite situation is to minimize oil dependence on prices, with oil exploration, extraction, refining and transportation efficiencies.  The digitalization of hydrocarbon sector can be helpful in this regard", he added.

Parviz Shahbazov noted that Azerbaijan has always pursued a policy supporting innovative ideas and innovative initiatives for the development of the energy sector, and the Oil Strategy, authored by the Great Leader Heydar Aliyev, contributes to the development of the latest technologies in the development of oil and gas fields. The participants were informed about the projects implemented jointly with international energy companies in order to employ the country's oil and gas potential and energy resources. The current plans for the development of hydrocarbon reserves of the country utilizing modern technologies have been also discussed.

The Minister particularly underlined that our country is stepping up in its achievements along with Turkey in the energy sector. Global energy and communication projects such as the Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Erzurum, Baku-Tbilisi-Kars, TANAP, Southern Gas Corridor and others serve to the development of the Eurasian region as the main contribution of the Azerbaijan-Turkey Brotherhood and the strategic partnership.

"As a result of the strong political will of the presidents of the two countries, Mr. Ilham Aliyev and Mr. Recep Tayyip Erdogan, the idea of ​​diversification of gas sources and routes can now be realized, and the strategic role of TANAP project in the global energy security, as well as the Southern Gas Corridor as a whole, increases the prestige of our countries and make us reliable partner in the field of energy. Joint energy projects transform both countries into an important energy center for the world and re-compile the map of Eurasia."

It is worth to mention that the event organized by the Marmara Group Strategic and Social Research Foundation was attended by high-level government officials, ministers, parliamentarians, representatives of international organizations and public and political figures from around 40 countries.