The minister reminded that the launching ceremony of the SGC, which turns Azerbaijan into a serious player in energy geopolitics, took place May 29.

“The Azerbaijani gas is a new source, and the SGC itself is changing the energy map of Europe,” said Shahbazov. “The EU needs new sources and routes to solve its energy goals and achieve security, and the SGC meets these strategic goals. The project will allow Europe to diversify its energy supply.”

The minister also noted that a large number of countries are involved in the project and this shows its scale.

The official opening ceremony of the Southern Gas Corridor was held in Sangachal terminal, Baku May 29.

The Southern Gas Corridor, worth over $40 billion, is considered as one of the priority energy projects for the EU, which strives for diversification of gas sources. The project envisages the transportation of gas from the Caspian region to the European countries through Georgia and Turkey.

At an initial stage, the gas to be produced in the Stage 2 of development of Azerbaijan's Shah Deniz field is considered as the main source for the Southern Gas Corridor projects. Other sources can also connect to this project at a later stage.

As part of the Shah Deniz Stage 2, the gas will be exported to Turkey and European markets by expanding the South Caucasus Pipeline and the construction of Trans-Anatolian Natural Gas Pipeline (TANAP) and Trans Adriatic Pipeline (TAP).

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"Azerbaijan has proved itself as a reliable partner in international projects", Azerbiajan's Minister of Energy Parviz Shahbazov said at the 25th International Caspian Oil and Gas Conference, held in Baku, AzVision.az reports."

Despite the measures taken to keep the balance in the world market, stability has not been fully satisfied. Certain geopolitical realities influence the oil prices. Despite the new trends, oil will have an important position in the world energy market", he said. 

He said that this process of cooperation is taking place within the OPEC+, in which Azerbaijan actively participates.

“Cooperation and corporate relations have become an important factor of the development of the market,” said Shahbazov. “Some time ago we observed strong volatility of oil prices and instability in the market. This even influenced some political decisions. However, the market stability has been recently growing. These efforts to stabilize the oil market should be continued.”

The minister noted that cooperation within the OPEC+ has reduced volatility and stabilized the balance of supply and demand.

“The extension of the Azeri-Chirag-Gunashli (ACG) contract, the signing of a new production sharing agreement (PSA) for the Block D230 and for the shallow water area around the Absheron Peninsula, are in line with the strategic goals of increasing Azerbaijan’s resources in conditions of forecasts of the growing global demand for energy,” Shahbazov said.

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