Baku: President of the Republic of Azerbaijan Ilham Aliyev delivered a speech at the official opening ceremony of the 30th Anniversary International Caspian Oil and Gas Exhibition, the 13th Caspian International Power and Green Energy Exhibition, and the 30th Anniversary Baku Energy Forum, which commenced as part of the Baku Energy Week at the Baku Expo Center.
According to Azeri-Press News Agency, President Aliyev began his address by welcoming guests and expressing gratitude to the organizers for their continued support of Azerbaijan’s energy agenda. He highlighted the significance of the first oil and gas exhibition in 1994, which led to the Contract of the Century, a pivotal agreement that transformed the geopolitical and geo-economic landscape of the region. This strategic vision, initially pursued by National Leader Heydar Aliyev, was seen as a critical step towards Azerbaijan’s independence.
President Aliyev reflected on Azerbaijan’s progress since its challenging early years, marked by civil war, economic instability, and territorial disputes. He credited the country’s energy policy as the driving force behind its economic and political success. Azerbaijan now boasts a stable political system and a developing economy, with oil and gas accounting for over 30% of its GDP. The nation has reduced poverty to around 5% and maintains a foreign debt of less than 7% of its GDP, with financial reserves exceeding its foreign debt by fourteen times.
President Aliyev emphasized Azerbaijan’s investments in transportation infrastructure and energy projects, which have positioned the country as a crucial transportation hub in Eurasia. He highlighted the Southern Gas Corridor, a significant pipeline project connecting the Caspian Sea with Europe, as a testament to Azerbaijan’s growing geopolitical importance.
The President announced that Azerbaijan currently exports natural gas to twelve countries, with plans to expand its reach. He outlined the nation’s commitment to green energy, with a goal of achieving 6.5 gigawatts of renewable energy capacity by 2030, accounting for over 35% of the energy grid. This green agenda aligns with Azerbaijan’s responsibility as a resource-rich nation to invest in sustainable energy solutions.
President Aliyev reaffirmed Azerbaijan’s pragmatic approach to balancing fossil fuels and green energy, emphasizing the need to maintain energy security while pursuing renewable projects. He highlighted ongoing efforts to increase natural gas production and expand green energy initiatives, with several contracts signed for green energy projects during Baku Energy Week.
The President viewed the exhibitions, including stands from SOCAR, Germany’s national pavilion, and various international companies. SOCAR, Azerbaijan’s state oil company, plays a strategic role in the global energy market and is committed to sustainable growth and green energy.
Baku Energy Week, hosting 267 companies from 39 countries, continues to be a prestigious gathering for the energy sector. With 35% of exhibitors being new companies and a strong international presence, the event showcases the growing global interest in Azerbaijan’s oil, gas, and energy sectors. The exhibitions cover a wide range of sectors, including renewable resources, energy-efficient technologies, and electric transport, reinforcing Azerbaijan’s commitment to sustainable energy development.