Most of Azerbaijan’s losses from oil price drop to be compensated – top official
He made the remarks Feb. 2 during a meeting with representatives of the public in country’s Guba district.
Hasanov said Azerbaijan did not notice the global economic crisis in 2008. However, the second waive of that crisis, which began in 2015, especially the dramatic fall in oil price, is affecting all countries including Azerbaijan.
“Even under such severe circumstances, Azerbaijan’s economy increased by 1.1 percent while growth in the non-oil sector amounted to 8.4 percent. What it means is, Azerbaijan has diversified its economy and ensured its sustainable, consistent and dynamic development, and properly defined a strategy of using all economic and social resources,” the top official noted.
He went on to add that the non-oil sector is today becoming the priority area in Azerbaijan’s economy, already making up 70 percent of GDP. “Nevertheless, energy potential will continue to be used and efforts made in this direction will last. Regardless of its price, oil is the core of Azerbaijan’s relations with the West and the entire world,” said Hasanov.
The top official said that Azerbaijan, as a country located at the center of East-West and North-South transport corridors, has significantly expanded its transport and transit opportunities over the last period.
He noted that upon the commissioning of the Baku-Tbilisi-Kars railway line, Azerbaijan, Georgia and Central Asian countries will form a special circle in the West-East and Europe-Asia relations. “Work is underway to put the railway into full operation.”
The delivery of goods from China into the European market via Central Asia – Caspian Sea – South Caucasus – Turkey – Mediterranean Sea is under test, Hasanov said.
Azerbaijan has already put into operation the largest trade port in the Caspian Sea, the president’s aide said. “The railway will start to operate by late 2016 and after full operation of the same infrastructures in Kazakhstan, Turkmenistan and Russia, Azerbaijan will get great incomes which will become extra resources for the future development of the country,” he stressed.
In addition, he said that Azerbaijan is one of the main routes in the transportation from South to North.
According to Hasanov, the delivery of goods from Iran and the Persian Gulf region to sea terminals of Kazakhstan, Turkmenistan and Russia through the Caspian Sea ferries in Azerbaijan is one of the tasks lying ahead.
“In short, we are currently working on access to energy, transport and transit resources. Moreover, the work is underway on the Shah Deniz 2 exploitation within the Southern Gas Corridor and the transportation of Azerbaijani gas to Turkish and European markets,” he said.
TANAP is currently being implemented and after a while an export pipeline will be commissioned to deliver Azerbaijani gas to Turkey, Hasanov added.
“Therefore, a large part of the losses as a result of the decline in oil prices will be compensated. As mentioned by the president, we are planning to welcome the 2030 –the post-oil period that will see oil revenues end – with a strong, competitive economic system,” he emphasized.
The top official said the Azerbaijani government is developing a strategy to compensate lost profits in other areas. The strategy includes the Southern Gas Corridor, Azerbaijan’s transit opportunities, human capital, non-oil economy and other resources.
“As is obvious, we have broad capacities and opportunities. The government, under the leadership of President Ilham Aliyev, managed to form this capacity thanks to the profits from energy exports, which is a good response to those who alleges inefficient use of oil revenues,” Hasanov completed.
Related news releases
- 18.10.2017Azerbaijan marks 26th anniversary of state independence
- 14.10.2017Azerbaijani president appoints new chairs and judges to first instance courts
- 14.10.2017Alexander Lukashenko: Belarus supports settlement of Nagorno-Karabakh conflict within territorial integrity of Azerbaijan
- 14.10.2017Netanyahu lauds Trump's Iran turn, sees chance to change nuclear deal
- 10.10.2017Azerbaijani president approves regulations of Cabinet of Ministers Office
- 10.10.2017First VP Mehriban Aliyeva pays respect to prominent Orientalist Aida Imanguliyeva
- 10.10.2017Azerbaijani parliament to discuss draft law on humanization of penalties on Oct. 20
- 09.10.2017Ilham Aliyev: 2017 going to be a year of serious economic reforms in Azerbaijan
- 07.10.2017About 1200 people join rally in Baku - police - UPDATED
- 06.10.2017First Vice-President of Azerbaijan: "Our enemy resorts to all kinds of dirty deeds"
- 05.10.2017Baku Mayor’s Office approves National Council request for rally
- 03.10.2017Azerbaijani MP: Those killed in Las Vegas were victims of political corruption
- 02.10.2017Iraqi gov’t should decide upon sending Azerbaijani children home, diplomat says
- 02.10.2017Azerbaijani MP: Some forces are worried about citizens’ support for president
- 02.10.2017Ilham Aliyev: Azerbaijan – an island of stability and development
- 02.10.2017Azerbaijani parliament opens autumn session
- 30.09.2017Zakir Garalov: Four Turkish citizens on int’l wanted list over illegal visit to Karabakh
- 30.09.2017Azerbaijan says investigation into espionage case will be completed by year-end
- 30.09.2017Blast hits Afghan capital near Shi'ite mosque, killing at least one
- 29.09.2017Karabakh Liberation Organization stages rally outside UN Baku Office in support of Iraq’s territorial integrity
- 29.09.2017Chairman of Azerbaijani Supreme Court’s Board for Criminal Cases criticizes some judges
- 29.09.2017State and government officials attend farewell ceremony for Lotfi Zadeh
- 29.09.2017Azerbaijani parliament begins public hearings on amendments proposed by president to Criminal Code
- 28.09.2017Christian missionaries engage dangerous activity in Azerbaijan – MP
- 27.09.2017Azerbaijan replacing arrests for some crimes with financial sanctions
- 27.09.2017ADB to allocate nearly $800 mln to Azerbaijan
- 26.09.2017Ali Huseynli: Analyses show that unfounded life imprisonment is prevalent
- 26.09.2017Azerbaijan intends to join Vienna Convention on Law of Treaties
- 26.09.2017Azerbaijani parliament to discuss amending laws on state emblem, anthem and flag
- 26.09.2017Sentence of some life-term prisoners can be replaced by 10 years of imprisonment in Azerbaijan
- 26.09.2017Issue of Lachin district executive authority official supporting Kurdish referendum is under investigation - UPDATED
- 26.09.2017President Ilham Aliyev receives delegation led by president of Montenegrin Supreme Court
- 25.09.2017Date, agenda of first meeting of Azerbaijani parliament’s autumn session announced
- 25.09.2017OSCE PA special representative meets with Azerbaijani IDPs
- 25.09.2017Azerbaijan applying new rules for conditional release of inmates serving life sentences
- 25.09.2017Azerbaijan may reintroduce previously abrogated punishment
- 24.09.2017President Ilham Aliyev arrived in Salyan district for visit
- 24.09.2017President Ilham Aliyev arrived in Neftchala district for visit
- 23.09.2017National Council holds rally in Baku - UPDATED
- 22.09.2017Azerbaijan approves customs cooperation protocol with Kyrgyzstan
- 02.02.2016President Ilham Aliyev visits grave of academician Jalal Aliyev
- 03.02.2016Azerbaijan establishes Board of Appeal under president
- 03.02.2016Chief of State Security Service of Azerbaijan’s Nakhchivan promoted to major general
- 02.02.2016Azerbaijani top official meets public representatives in Guba
- 01.02.2016Azerbaijani MP calls on counterparts and ministers to leave other posts
- 01.02.2016Azerbaijani MP proposes to restore Nagorno-Karabakh Autonomous Oblast