“Azerbaijan has traditionally been one of the main oil suppliers to Italy. Moreover, after the launch of TAP in December 2020, the country became the second largest gas supplier to Italy,” the diplomat said.
He added that the successful development of energy cooperation was made possible thanks to leading Italian companies - Saipem, Maire, Technip and others, which have been involved in the development of the industry for many years in close partnership with SOCAR and other local companies.
“Azerbaijan is thus a strategic energy partner for Italy. However, the potential for cooperation with Azerbaijan and other participants in the Southern Gas Corridor remains significant, which was confirmed at the 11th Ministerial Meeting held in Baku on April 4,” the ambassador emphasized.
He noted that the extent to which this cooperation will lead to an increase in gas exports from Azerbaijan will largely depend on market demand and the willingness of stakeholders to invest in infrastructure development, including with the support of international financial institutions.
“Regardless of the specific formula, the key factors for success remain close international cooperation and ensuring stability along the entire route of the gas corridor,” he added.
Gianfrancesco also noted that energy cooperation between Italy and Azerbaijan is not limited to the hydrocarbon sector. Thus, the Italian company Ansaldo Energia is implementing a large-scale project to modernize the largest power plant in Azerbaijan in Mingachevir. Four gas turbines manufactured in Genoa will be officially commissioned at the station in the near future, which will cover more than 20% of the country's electricity needs.
“In addition, the renewable energy sector is of great interest, and the Azerbaijani government intends to invest significant resources in its development in line with the international commitments made during COP29,” the ambassador noted.
He added that as part of COP29, several Italian companies also concluded trade agreements with Azerbaijani partners to support the process of diversification of the economy and energy sources. Other companies are considering entering the renewable energy sector.
At the same time, Gianfrancesco said that the Turin Polytechnic University has developed a project aimed at strengthening Azerbaijan's resilience to climate change, eliminating the effects of desertification and land degradation, and promoting the development of the country's biofuel industry.
AzVision.az
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