Today, President Ilham Aliyev inaugurated the 29th International Caspian Oil & Gas Exhibition and the 12th Caspian International Power and Green Energy Exhibition at the Baku Expo Center. The event, a key component of Baku Energy Week, marks a significant milestone in Azerbaijan’s energy sector, reflecting on three decades of progress and outlining future ambitions.
In his address, President Aliyev acknowledged the pivotal role of the Caspian Oil and Gas Exhibition, which began in 1994, in attracting foreign investments to Azerbaijan. He highlighted the “Contract of the Century,” signed in September 1994, as a transformative moment for the country. This contract led to the development of the Chirag Platform and the construction of major oil pipelines, including the Baku-Ceyhan pipeline, which have been crucial for Azerbaijan’s energy sector.
The President outlined Azerbaijan’s journey from an energy importer to a significant exporter, with natural gas exports expected to exceed 24 billion cubic meters this year. Azerbaijan now supplies natural gas to eight countries, establishing itself as a reliable energy partner. This transformation has significantly boosted the national economy and underscored the country’s strategic importance in the global energy market.
Azerbaijan is making significant strides in renewable energy. President Aliyev announced the groundbreaking ceremony for three new solar and wind power stations, developed in partnership with Masdar from the UAE. This initiative is part of Azerbaijan’s broader goal to achieve 2 gigawatts of renewable energy capacity by 2027, reducing dependence on natural gas and promoting sustainable development.
The speech emphasized the importance of international partnerships in Azerbaijan’s energy strategy. Notably, BP and Masdar were highlighted as key strategic partners. President Aliyev reiterated Azerbaijan’s commitment to being a reliable energy supplier and its active role in fostering international cooperation in the energy sector.
Azerbaijan is set to host COP29, following the UAE’s hosting of COP28. President Aliyev underscored the country’s dedication to addressing climate change and managing natural resources responsibly. He highlighted the pressing environmental issues facing the Caspian Sea region due to climate change and irrational human activity, and stressed the importance of global collaboration to mitigate these challenges.
President Aliyev highlighted significant socio-economic achievements, including reducing poverty from 50% to 5% and decreasing foreign debt from nearly 100% to 7.7%. He emphasized the intertwined nature of national security and energy security, advocating for sustainable development and long-term energy contracts that ensure stability and growth.
In his closing remarks, President Aliyev invited participants to the upcoming COP29 in November, underscoring Azerbaijan’s commitment to international cooperation and sustainable energy practices. He expressed confidence that Baku Energy Week would generate new ideas, contacts, and contracts, fostering continued progress in the energy sector.
