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
- 30.03.2017US Embassy: No changes in visa requirements for Azerbaijani citizens
- 29.03.2017Montenegrin President thanks US Senate for ratifying NATO accession
- 28.03.2017Ilham Aliyev: Today we show example of how to govern a country
- 28.03.2017Four militants killed in raid in NE Bangladesh, death toll rises to 10
- 27.03.2017Deputy Chief of Azerbaijani Foreign Intelligence Service promoted to higher military rank of Major General
- 18.03.2017Ilham Aliyev: Unlike many countries, last year we managed to maintain our foreign exchange reserves
- 18.03.2017Azerbaijani president: If we acted under dictation of external powers, we would face great problems
- 18.03.2017Azerbaijani President joins Novruz festivities in Baku
- 17.03.2017Azerbaijani parliament approves government’s annual report - UPDATED
- 17.03.2017President Ilham Aliyev congratulates Azerbaijani people on Novruz holiday
- 17.03.2017Azerbaijani MP slams local banks for taking advantage of hardship faced by citizens
- 17.03.2017Burbulis: Russia, Azerbaijan enjoy co-op at all levels
- 16.03.2017Azerbaijan president signs pardon order - UPDATED
- 16.03.2017Azerbaijani president: We overcame difficulties; there’ll be economic growth this year
- 16.03.2017Ilham Aliyev: Baku-Tbilisi-Kars railway will connect not only countries but continents as well
- 13.03.2017German ambassador visits Azerbaijan’s north
- 13.03.2017Novruz Mammadov awarded Sharaf Order
- 11.03.2017Azerbaijan Pardon Commission approves 450 pleas
- 10.03.2017Azerbaijan Pardon Commission holds next meeting
- 10.03.2017Azerbaijani MPs express dissatisfaction over distorted information on Wikipedia
- 10.03.2017Azerbaijani MP stresses need to tighten bill on information security
- 10.03.2017Azerbaijani parliament begins next plenary meeting
- 07.03.2017Azerbaijani parliament postpones plenary session
- 07.03.2017Azerbaijan parliament approves ombudsperson’s annual report - UPDATED
- 07.03.2017Azerbaijani MPs praise Mehriban Aliyeva’s appointment as first vice-president
- 07.03.2017First VP Mehriban Aliyeva: It was great honor for me to be an Azerbaijani MP
- 07.03.2017Azerbaijani parliament begins next plenary meeting
- 07.03.2017US navy ship forced to change course after Iranian attack vessels approach
- 06.03.2017CEC terminates Mehriban Aliyeva’s parliamentary powers
- 06.03.2017Azerbaijani government’s report for 2016 submitted to parliament
- 06.03.2017Mehman Huseynov arrested on concrete charges, attempts to politicize this issue inadmissible: Azerbaijani official
- 06.03.2017Two earthquakes recorded in Azerbaijan
- 06.03.2017Today marks Mammad Amin Rasulzade’s 62nd death anniversary
- 04.03.2017Members appointed of Observation Council of Youth Foundation under Azerbaijani President
- 01.03.2017First VP Mehriban Aliyeva views special boarding school in Turkan
- 01.03.2017Azerbaijani parliament set to discuss bill on pension age rise on March 7
- 01.03.2017Azerbaijani parliament announces agenda for upcoming meeting
- 28.02.2017Azerbaijani media reps: It’s inadmissible to spread disinformation of Armenian sources
- 25.02.2017Ali Hasanov’s books on genocide policy against Azerbaijanis presented
- 25.02.2017Ali Hasanov: Mehriban Aliyeva’s appointment will contribute to Azerbaijani people, state in coming years
- 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