Minister: SGC opens opportunities for rich gas resources of region

# 09:54
23 April 2018

Azerbaijan’s energy policy connects two regions through large-scale projects and these projects will continue for long years, Azerbaijan’s Energy Minister Parviz Shahbazov said at the SOCAR 3rd International Caspian and Central Asia Downstream Forum: Trading, Logistics, Oil Refining, Petrochemicals in Baku.


According to him, global changes occur in energy policy today: ‘The Southern Gas Corridor opens opportunities for rich gas resources of the region. As a leading part of energy system from Asia to Central Europe, the SGC reflects development tendencies of leading global energy markets’.


The Minister noted that ACG is planned to be exploited by 2050: ‘454 million tonnes of crude oil and 144 bcm of gas have been extracted so far and $130,551,000,000 was earned. Currently, all three types of energy are used. Azerbaijan ensures keeping the production stable and its export’.


The minister said that this year large projects such as Shahdeniz 2, South Caucasus Pipeline and TANAP will be launched: ‘TAP will allow Azerbaijan’s natural gas to be diversified’.  


Shahbazov said that modernization of refinery sector is assessed as the development of the country: ‘In the next decade, demand for private cars and petrochemical products will increase. This means that export of petrochemical products will increase. SOCAR Polymer and Carbamide Plant will be launched this year. Moreover, STAR Oil Refinery will also be launched in Turkey. This proves that Azerbaijan is the biggest investor in Turkey’.