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President of Azerbaijan: â€œAll purchase and sale agreements should have fair prices and interests of one side shouldnâ€™t be protected for account of otherâ€

02 June 2009 08:42 (UTC +04:00)

The exhibition aims to promote the development of oil and gas industry, the participants emphasized in the opening ceremony, APA reports. Azerbaijan has a significant importance for the European energy sector. Nearly 300 companies from 22 countries are attending the exhibition. 60 of them joined the event for the first time.

President of Azerbaijan Ilham Aliyev addressed the conference. The head of state said there had been a great interest to the Azerbaijanâ€™s oil-gas sector since 1994 when the Contract of Century was signed. â€œDespite that socio-political situation in Azerbaijan was unstable in that time and it was one of the risky countries, the contract was signed. It was a great event in that timeâ€.

The president noted that Azerbaijan has a great role in the European energy security and oil factor is not the goal, but a mean for the country. The president said despite global financial crisis, general economic development of Azerbaijan was 4.3 percent and the development of non-oil sector was 13.7 percent this year. â€œThe foreign companies were invited to Azerbaijan and large investments were involved in the country. Even deep-seated resources are explored. Today Azerbaijan is participating in seven gas and oil projects. Despite tensions in the region, the work is done successfully. Azerbaijan is an exporter of electricity as well. There is very active regional cooperation. Azerbaijan, Georgia and Turkey are successfully carrying out the joint projectsâ€.

Ilham Aliyev said the next steps would first of all serve the national interests of Azerbaijan and make contributions on the international level.
â€œOil production will make up 45 million tones and gas production 25-27 billion cu m this year. Natural gas stock of Azerbaijan is 2-5 trillion cu m. It means that Azerbaijan will play the role of a reliable partner in future,â€ he said.
Ilham Aliyev also added that transparency in Azerbaijanâ€™s oil and gas field is of great importance.
â€œWe are one of the first countries to join this international initiative. Transparency should cover the entire financial sector. Oil and gas incomes are effectively used in Azerbaijan,â€ he said.

President underlined that energy security was of great importance.
â€œCooperation among consumers, transit countries and producers should be free, fair and healthy. International norms should be observed. Price and transit terms should be fair. Only such an approach will create conditions for normal cooperation. Energy security can not be fully ensured without Azerbaijanâ€™s participation. Oil and gas issue has been politicized a little recently. We consider that prices should be fair in purchase-and-sale agreements, the interests of one side should not be ensured at the cost of the other side,â€ he said.

Following this, the head of state acquainted with the exhibition.