Azerbaijan’s existing natural gas reserves are sufficient to meet both domestic demand and the needs of international partners for at least the next century.
According to the Operative Information Center-OMM, President Ilham Aliyev made this statement during his address at the official opening ceremony of the 31st Baku Energy Forum.
The head of state noted that Azerbaijan provides critical transit opportunities for friendly and partner nations located on the eastern shores of the Caspian Sea. "Oil produced in Central Asia is transported through Azerbaijan to international markets. I hope that in the near future, we will be able to say the same regarding natural gas," President Aliyev stated.
The President also emphasized the highly diversified capabilities Azerbaijan has developed within its processing industry. "Today, SOCAR’s oil refining capacity exceeds 30 million tons. Following the recent acquisition of Italiana Petroli, our refining capacity in the Mediterranean basin has increased from 13 million to 23 million tons. Consequently, we are supplying not only oil and gas but also refined petroleum products. Furthermore, we have export potential in electricity, petrochemicals, and renewable energy, which remains a key priority for our activities," he added.
President Aliyev reiterated that given the scale of Azerbaijan's gas reserves, the country could theoretically meet its electricity production needs without additional sources. However, he stressed the strategic importance of investing in green energy. "Our responsibility requires us to invest in renewable energy sources. We are doing this, and together with our partners, we have created highly favorable conditions for investors, similar to the opportunities provided to oil companies in the early 1990s. This same spirit of cooperation and open approach to investment is now being applied to companies operating in the renewable energy sector," the President concluded.
The Baku Energy Forum serves as a premier platform for discussing global energy security, the transition to green energy, and the development of the Caspian region's vast hydrocarbon and renewable resources.
