Italian paper: Azerbaijan became very important country for its energy reserves

Italy’s magazine Semestre Europeo has published an article about Azerbaijan`s energy potential.

The article says “located on a favorable position, Azerbaijan has become a very important country in the international arena for its energy reserves and economic development”.

The author highlights history of oil industry in Azerbaijan, its role in ensuring Europe`s energy security.

The magazine writes that “Azerbaijan, which gained its independence in 1991, strengthened its position in the world for a short time”.

The article also touches upon the Trans-Adriatic (TAP) gas pipeline project. It says that the pipeline will start in Greece, cross Albania and the Adriatic Sea and come ashore in southern Italy, allowing gas to flow directly from the Caspian region to European markets.

The author quotes chairman of the European Commission Jose Manuel Barozzo, who said: “The European Commission welcomed today's final investment decision (FID) on extracting gas from the Shah Deniz II gas field in Azerbaijan. With this long-awaited decision, it is confirmed that Europe will get 10 billion cubics metres (bcm) per year starting from end 2019. All decisions taken so far - including to choose TAP as pipeline to bring gas to Europe - were conditional on this final investment decision. Today`s decision by the Shah-Deniz-II-Consortium is a strategic door opener for stronger European energy security. Building on the Joint Declaration I signed with President Aliyev in January 2011, this important step will give the EU direct access to gas from the Caspian basin. This is a major milestone for the diversification of our energy supplies, to the benefit of European consumers and businesses.”

The article also quotes Azerbaijan`s ambassador to Italy Vagif Sadigov: “Energy cooperation will make a contribution to establishing closer political relations between Azerbaijan and the European Union. These relations will impact on peace talks regarding settlement of the Armenia-Azerbaijan Nagorno-Karabakh conflict. The European Union can also make an active contribution to ensuring security in the South Caucasus, like the energy issues.”

The author also gives information about activities of the Italy-Azerbaijan Trade Institute towards expanding economic and commercial ties.


/AzerTAc/