BAKU, Azerbaijan, June 17. Azerbaijan plays a
key role in ensuring the energy security of a broad region,
remaining a highly reliable hydrocarbon exporter and expanding
cross-border supply routes, Orkhan Zeynalov, Deputy Minister of
Energy of Azerbaijan, said during the 14th Private Sector Forum of
the Islamic Development Bank Group, Trend's correspondent reports from the
event.
"Azerbaijan continues to play an important role in ensuring the
energy security of a broad region, including the South Caucasus,
Türkey, Europe, the Middle East, and Central Asia. The country has
remained a reliable supplier of oil and natural gas to world
markets for 30 years. Azerbaijan supplies crude oil to 25 countries
and natural gas to 16 countries worldwide. Among the countries
importing natural gas, 11 are NATO members and 10 are members of
the European Union. Today, the European Union receives about 7% of
its natural gas from Azerbaijan. Hydrocarbons remain a key element
of the country's energy balance and will maintain their
significance," he said.
Zeynalov noted the necessity of a balanced energy transition
policy that simultaneously ensures energy security and investment
stability in the traditional energy sector.
"Central Asia, the South Caucasus, and the Caspian region form a
single interconnected geopolitical and economic space. Energy
interconnectedness is a key factor in the development of the
region," the deputy minister said.
He noted the importance of the Middle Corridor and the Zangezur
Corridor in ensuring connectivity between East and West.
"Recent events in the area of the Strait of Hormuz have
confirmed the significance of alternative energy supply routes.
Over the past 30 years, the share of hydrocarbons in the global
energy balance has changed insignificantly. Today, it still stands
between 70% and 90% in key markets. Renewable energy sources
complement traditional sources, rather than replace them," the
deputy minister added.
