7th International Caspian Energy Forum Baku-2018 kicks off

7th International Caspian Energy Forum Baku-2018 kicks off

The 7th International Caspian Energy Forum Baku-2018 has opened in the Azerbaijani capital today.

The opening ceremony was started with a video message addressed to the forum by European Commission Vice-President for Energy Union Maros Sefcovic, who stressed that Azerbaijan is one of the main Europe's partner in the Caspian region.

According to him, the talks on a new strategic partnership with Azerbaijan is underway. Sefcovic noted that with joint efforts they will be able to transport Azerbaijan`s natural gas to Europe in 2020, as a result of which, Europe`s energy balance will be diversified and the geopolitical environment will change overall, the correspondent of Vestnik Kavkaza reported.

"The Southern Gas Corridor is a project that meets all the interests of the European Union and is among the EU`s strategic projects," he said.

The European Commission Vice-President for Energy Union hailed the implementation of the Southern Gas Corridor project, saying that the Southern Gas Corridor will contribute to the decarbonization and energy efficiency of the continent.

Azerbaijani Energy Minister Parviz Shahbazov said that the interest of the European Union and the United States towards the Southern Gas Corridor project is indicative of its importance for the region. 

"Speaking about the strategic significance of the project, it should be taken into account that the project is aimed at Eastern Europe, a sensitive region from the point of view of energy security,” he noted.

"The SGC project will be able to meet up to 30-35% of the gas needs in Bulgaria and Greece, and, initially, about 10% of the total needs of Italy," he said. The minister explained that at the second stage it will turn into a gas hub for this country. "With the help of interconnectors, the project will be able to meet about 40-50% of the needs of the Balkan countries," Shahbazov added.

The Azerbaijani minister assured that in the future, the volumes of gas supplies through the SGC may increase.

Over 1,500 delegates  around the world are taking part in the Caspian Energy Forum Baku– 2018, including heads of state structures, ministries, state committees, state agencies, public services, as well as heads of state and transnational companies, international financial institutions, leading think tanks, investment companies and rating agencies of the Caspian-Black Sea and Baltic countries, as well as representatives of diplomatic and international missions accredited in Azerbaijan.

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