Astana: Azerbaijan has already made significant contributions to European energy security, said President of SOCAR Rovshan Najaf as he addressed the opening session of the KAZENERGY Eurasian Forum in Astana, Trend reports.
According to Trend News Agency, Najaf emphasized the substantial increase in gas supplies to Europe, which rose by approximately 60% without financial input from Europe or the EU. He highlighted the necessity of expanding the gas pipeline to sustain and possibly increase these volumes, stressing the need for long-term contracts from European buyers and financial backing from EU institutions.
Najaf pointed out the uncertainty in Europe’s approach to gas, indicating mixed signals about the timeframe for gas reliance, with some suggesting until 2030 and others until 2035. He noted the challenges this poses for funding and financing hydrocarbon projects, as investments in the gas industry require long-term commitments to justify the upstream development needed for supply.
The SOCAR president affirmed the company’s readiness to meet Europe’s gas needs, contingent on a clear commitment from European partners. This includes securing long-term contracts and collaborating on infrastructure expansion investments.
Reflecting on past interactions, Najaf recalled Europe’s request to increase gas supply approximately three years ago, which SOCAR agreed to, contingent on European support for pipeline and infrastructure expansion. He noted that the Southern Gas Corridor infrastructure was primarily funded by Azerbaijan and its partners, with risks borne by them, highlighting the critical timing of Europe’s request for increased gas supply.