In order to increase the volume of Azerbaijani energy resources in the European market, additional investments from international partners are required.
At the World Economic Forum in Davos, the Minister of Economy Azerbaijani Mikail Jabbarov said that his country is ready to increase energy supplies to Europe.
EurAsia Daily reports.
“Azerbaijan is being asked to increase energy supplies. We are ready to increase supplies to the market. However, over the past few years, investments in the sector have been insufficient due to the policy of financial institutions regarding fossil fuels, in particular natural gas,” the head of the Ministry of Economy of Azerbaijan said.
He also recalled that Azerbaijan is a major supplier of gas to Georgia and Turkey, from where blue fuel is transported to Greece, Bulgaria, Italy and Albania. “Now we are working with our partners to increase gas supplies to Europe,” the minister assured.
According to him, the policy of joint development of Azerbaijan's energy resources is carried out, in particular, with the European Bank for Reconstruction and Development.
“Azerbaijan started the process of investing in pipeline infrastructure, exploration, development and production back in 2012. The issues on our agenda today are the level of additional commercial risks that local and foreign companies in Azerbaijan could now take on, ways to manage these risks, ways to use the support of international institutions and the need for a smooth transition to green energy,” Jabbarov said.
As a reminder, Prime Minister Denys Shmihal said that due to the fact that Ukraine became part of the EU energy union, it will be able to export enough electricity there to help Europe stop consuming Russian coal and reduce gas consumption.
