Rovnag Abdullayev speaks about energy plans of Baku

Rovnag Abdullayev speaks about energy plans of Baku

The president of SOCAR (the State Oil Company of the Azerbaijan Republic), Rovnag Abdullayev, spoke in a conversation with journalists about the growing relevance of the TANAP project and gave his forecast for oil prices. 

 

He believes that by 2017 oil prices may reach $80-90 per barrel. According to him, the price of oil at the level of $50 in the state budget for 2016 is a normal phenomenon. "This issue must be approached with caution. It is for this reason that prices in the state budget for 2016 were established at the level of $50. If we pay attention to the tendency of oil prices to change, we will see that the price increases, then decreases. A diagram of prices over the past 20 years shows this. Thus, by 2017 oil prices may reach $80-90 per barrel," Abdullayev said. 

 

Iran is interested in buying a share in the Trans-Anatolian gas pipeline (TANAP), the president of SOCAR stated. "We are ready to consider offers for the sale of part of our share," he added. 

 

"The TANAP project is so profitable that other options of transfer of our share cannot be the subject of discussion. We can only talk about selling it. If we get a good advantageous offer, then we are ready to discuss this issue," the head of SOCAR said, adding that there are already such proposals. "After the decision on lifting sanctions against Iran, the relevance of TANAP has grown even more. Iran will increase gas production, and apart from TANAP there is no alternative for Iranian gas to enter the world markets," Abdullayev explained. 

 

SOCAR will continue pumping oil through the Baku-Novorossiysk pipeline, even in case of tariff increases on it, the president of the company said. 

 

He said that the Russian side is going to make price adjustments. "This is s normal phenomenon, and this decision will not have a serious impact on us. We are using the pipeline in the usual mode. The Baku-Novorossiysk pipeline is one of the strategic areas identified by the President of Azerbaijan Ilham Aliyev, and it [the pipeline] will continue to be used, along with the Baku-Supsa and Baku-Tbilisi-Ceyhan pipelines, to ensure the diversification of transfers of Azerbaijani oil to the world markets," the president of the oil company concluded.

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