Azerbaijan to double gas output in next five years

Jan 29, 2009 01:00 AM

Azerbaijan plans to double its gas production in the next five years, Azerbaijani President Ilham Aliyev said at a World Economic Forum session of the in Davos on Jan. 29.
"We are planning at least to double gas production over the next five years. So, the available markets are not enough. It is very important to have a clear understanding of our potential markets," he said.

"Today, Azerbaijan has no problems with diversification, on the contrary. We have seven pipelines for oil and gas exports, which can transport our hydrocarbons in different directions. We do not depend only on one route and only one market. It may seem a bit strange, but even those countries that produce more oil and gas than Azerbaijan want to buy our gas and oil," said Ilham Aliyev.
Azerbaijan is now focused on finding new markets and expanding its pipelines, the President said.

Bringing together efforts of the countries involved in the Nabucco project, and at the same time strong financial commitments can help advance the project, he said.
"Nabucco shareholding states, as well as the project-backing organizations, should consider Nabucco not only as a means of making a profit. There is the issue of energy security. Energy security ensures common security and independence in the long run," he said. "Nabucco needs more political will, more precise financial commitments, and countries such as Azerbaijan who are willing to play a role of transiter and supplier of gas," said President Aliyev.

Construction of the pipeline worth EUR 7.9 mm is expected to commence in 2011. Its maximum capacity will be 31 bn cm per year. Nabucco shareholders are the Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish BOTAS and German RWE with 16.7 % each.
The World Economic Forum (WEF), also known as the Davos forum, is the largest international non-governmental organization with headquarters in Geneva. The main purpose of the WEF is to improve the global peace by assisting the international community to address issues on economic development and social progress.

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