Parviz Shahbazov: Long-term contract mechanisms should be supported for large gas supplies to Europe

If Europe wants large gas supplies, long-term contract mechanisms should be supported in this regard, according to Azerbaijani Energy Minister, Parviz Shahbazov, Report informs.

Shahbazov shared this insight at the ministerial session on "Changing dynamics in supply security: challenges and opportunities" within the framework of the Istanbul Natural Resources Summit.

"Otherwise, investing heavily in gas production can be risky when there is no guarantee of delivering it to the final destination and selling it in the market," the minister noted.

Shahbazov also spoke about continuing Azerbaijan's strategic role as an oil and natural gas supplier in modern realities, increasing the contributions of projects implemented jointly with Türkiye, and planning to supply approximately 10 billion cubic meters of gas to this country in the current year.

"Türkiye is not only a consumer for us but also has great importance as a transit country. It is through this route that Azerbaijan transports energy resources to European countries," he highlighted.

The minister also pointed out that the policy against hydrocarbons hinders the implementation of gas supply plans by leading to reduced investments in the gas sector in the global energy system and a lack of infrastructure to ensure the delivery of energy resources to markets.

"Instead of approaching energy sources through a political and ideological prism, it is important to focus on how to develop real energy strategies. Because the world's population and energy demand are increasing, and in the future, we will not have the luxury of wasting energy. That is why we have identified the development of all currently existing types of energy as a priority. We have started some regional projects, and if these projects are implemented, they will contribute positively to energy security and the environment," Shahbazov underscored.

As for green energy interconnectors, he stated that Azerbaijan cooperates with Türkiye, Georgia, Romania, Bulgaria, and Central Asian countries in this regard.

"These projects will not only connect regions but will also serve both energy and climate security. These projects are the energy projects of the future," the minister added.

Ministers from Iraq, Egypt, Libya, Bulgaria, Romania, and Moldova also participated in the discussions moderated by Türkiye's Minister of Energy and Natural Resources, Alparslan Bayraktar.