27 Oct 2022 17:29

Azerbaijan's deputy energy minister on supporting gas hub in Turkey: If we can help our neighbors, we will be happy

BAKU. Oct 27 (Interfax) - Turkey is not just Azerbaijan's neighbor, it is also a partner, and therefore, Azerbaijan is trying to participate in its projects, Azerbaijani Deputy Energy Minister Elnur Soltanov said at the Verona Eurasian Economic Forum in Baku.

"We have a number of obligations, and if we can help our neighbors, then we will be very happy," Soltanov said, noting that Azerbaijan supplies gas to both Turkey and European Union countries.

The real needs of potential gas importers, chiefly in the European Union, need to be assessed in advance, Soltanov said. Azerbaijan expects to supply around 11.5 billion cubic meters of gas to Europe this year, and volumes could double in the future due to increased output, he said.

"The projected figures are growing, and based on domestic resources, we can reach exports of 20 bcm [to European countries per year]. At the same time, gas export volumes could grow in light of the policy of transitioning to new energy sources," Soltanov said.

There are problems attracting investments in fossil fuel production, and Azerbaijan needs around $14 billion, Soltanov said. "This is serious money. It's possible that it won't be found, but this shows the difficulty of the process of ensuring and meeting energy needs. [...] We see that demand is growing. At the same time, major enterprises and companies don't really want to invest in this sector in the current situation," he said.

Azerbaijan exported a total of 19 bcm of gas in 2021, sending 8.2 bcm to Europe and the rest to Georgia and Turkey.