Domestic Policy

President: Azerbaijan's gas reserves sufficient for at least 100 years.

International News Desk 

According to Global times News Agancy Europe,With our gas reserves, which will be sufficient for at least 100 years – not only for us but also for our clients – we actually do not need any other source of electricity generation," Azerbaijani President Ilham Aliyev said at the official opening ceremony of the 31st Baku Energy Forum, The global times Europe media.We are providing crucial transit opportunities for our friends and partners who live on the eastern shores of the Caspian. Oil from Central Asia is moving through Azerbaijan's territory to international markets. I hope the time will come when the same will be true for natural gas.We have created a very diversified downstream capacity. Today, SOCAR's refining capacity exceeds 30 million tons. And through the recent acquisition of Italiana Petroli, our refining capacity in the Mediterranean increased from 13 million to 23 million tons. So we not only provide oil and gas, but also oil products. We also export electricity, petrochemicals, and renewable energy. This is one of the important areas of our focus. And as I said earlier, countries should not be judged by having oil, but by how they use the revenues and how they invest in renewables.With our gas reserves, which will be sufficient for at least 100 years – not only for us but also for our clients – we actually do not need any other source of electricity generation. But our responsibility dictates that we invest in renewables. And we are doing that, together with our partners, creating very good conditions for investors, more or less the same as those that existed in the beginning of the 1990s for oil companies. Now, the same level of cooperation and investment-friendly approach is being applied to companies in the renewable energy sector," the head of state noted.