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
- 21.10.2016Azerbaijan Judicial Council to get new powers
- 20.10.2016Hollande: "Normandy Four ministers to start preparing Donbass election in next few days"
- 19.10.2016President Ilham Aliyev arrives in Aghstafa district for visit
- 19.10.2016Date set for Azerbaijani parliament’s next meeting
- 18.10.2016Azerbaijan parl’t vice-speaker awarded order "For Service to Motherland"
- 18.10.2016Ilham Aliyev: No plans to change date of presidential election in Azerbaijan
- 18.10.2016Armenia continues to break ceasefire with Azerbaijan
- 18.10.2016Azerbaijan celebrates 25th anniversary of independence
- 17.10.2016President: Azerbaijan has been passing through period of unprecedented economic growth since 2003
- 17.10.2016President: Azerbaijani Army among world’s strongest armies
- 17.10.2016Betrayed by APFP-Musavat alliance, Azerbaijan was at risk of losing independence – Ilham Aliyev
- 17.10.2016Ilham Aliyev: Azerbaijan’s energy policy highly appreciated by int’l community
- 17.10.2016Heydar Aliyev – founder of Azerbaijan’s independence, says Ilham Aliyev
- 17.10.2016Official reception held to mark 25th anniversary of Azerbaijan’s independence
- 15.10.2016The Ministry of Internal Affairs of Azerbaijan commented on the reports about protests against the actions of the traffic police in Goychay
- 15.10.2016101 gangs arrested in Baku this year
- 15.10.2016Ali Ahmadov: Azerbaijan’s independence was initially based on not-so-right postulate
- 14.10.2016Azerbaijani national currency should bear image of Heydar Aliyev, says MP
- 14.10.2016Investors implementing investment projects in accordance with BOT model won’t pay duty
- 14.10.2016Azerbaijani parliament starts next plenary meeting
- 14.10.2016New volume of "Ilham Aliyev. Development is our goal" book published
- 13.10.2016Azerbaijani MP: Prohibition to apply to persons who will study religion abroad after adoption of law
- 13.10.2016Azerbaijani parliament to discuss amendments providing punishment for attempts to impede operations against religious extremism
- 13.10.2016Azerbaijan to tighten penalties for attempts to change power and Constitution on religious grounds
- 13.10.2016Azerbaijani parliament to discuss proposals to ban religious propaganda in public places
- 13.10.2016Fighting in Central African Republic kills at least 23
- 12.10.2016Case of Azerbaijani ministry’s ex-officials sent to court
- 12.10.2016Azerbaijani president signs order on developing draft legal acts on Referendum Act’s entry into force
- 11.10.2016Azerbaijan to solemnly celebrate 25th anniversary of its independence
- 11.10.2016Azerbaijani CEC approves referendum results
- 11.10.2016Azerbaijani CEC cancels referendum results in three polling stations
- 11.10.2016CEC: Azerbaijan on par with leading European countries in terms of election
- 11.10.2016Azerbaijan CEC sums up referendum results
- 10.10.2016Azerbaijan to wrap up referendum vote count on Oct. 11
- 08.10.2016President Ilham Aliyev: “Local products should be substantially cheaper than imported”
- 08.10.2016President Ilham Aliyev: "Artificial increase in prices should not be allowed" - UPDATED
- 07.10.2016Ilham Aliyev: Azerbaijan continues to develop successfully
- 07.10.2016Referendum in Azerbaijan was democratic, fair and fully transparent – president
- 07.10.2016Ilham Aliyev: European Parliament still regrets its anti-Azerbaijani actions
- 07.10.2016Top Azerbaijani official: Int’l community has forgotten int’l law
- 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