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08.06.2011 17:15

Caspian Oil and Gas 2011 -the international conference has already started

The 18th International Caspian Oil and Gas Conference started today at the metropolitan Hyatt Regency Hotel. Hundreds of delegates took an active part in the event which has become the most significant phenomenon in the Caspian regions energy industry. The morning plenary session was dedicated to the topic of The Caspian region: transformations of the world energy market and opened with an official welcome from Sir Andrew Wood, senior adviser to ITE Group Plc.

Rovnag ABDULLAYEV, President of the State Oil Company of Azerbaijan Republic (SOCAR), made the key-note address.

The speech made by the Head of SOCAR was dedicated to the sectors development prospects in terms of the implementation of major projects associated with the supply of energy to the West.

SOCARs policy of integration and diversification has generated great interest and approval from many countries, and the implementation of the greatest transnational projects in Azerbaijan holds the attention of Europe. The Azerbaijani leaders strategy for international activity, the outstanding successes in the macro-economy, and the huge potential of our countrys natural resources all offer assurance that our obligations will be met. During recent years Azerbaijan has signed 33 major contracts in the oil sector which have geopolitical significance for many countries and ensure almost US$60 billion of investments in our country.

The two key projects, Shah Deniz and Azeri-Chirag-Guneshli, have become symbolic of energy security for Europe. The prospects for gas production can be confirmed by verified figures: 26 bcm of blue-sky fuel have been produced in just the past seven years. The Umud field, which means Hope in English, promises further inexhaustible reserves of heat and energy for its partners and potential users.

The transit regimes and corporate transparency are underlined by the principles of SOCAR in collaboration with international companies, and by the system of gas distribution in domestic markets. The growth of the number of foreign offices and fuel stations in Georgia, Ukraine, Romania and other countries also supports this fact.

In his speech, Mr. Abdullayev, President of SOCAR, highlighted the efficiency of the already-completed transnational projects which offer guarantees for the supply of Azerbaijani fuel to any destination in Europe. The Baku-Tbilisi-Ceyhan pipeline, and other main lines resulting from the development of the legendary projects which have taken place since 1994, are strong evidence of the macro-economic and industrial power of Azerbaijan Republic.

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