EU: Azerbaijan plays important role in Southern Corridor

EU: Azerbaijan plays important role in Southern Corridor
# 20 October 2011 10:35 (UTC +04:00)
Baku. Nijat Mustafayev - APA-Economics. Today, within the framework of cooperation program in energy sphere (INOGATE), Black Sea, Caspian littoral and neighboring countries held round-table with the EU.

Delivering speech at the event deputy minister of industry and energy of Azerbaijan Natig Abbasov spoke about the development of energy sphere of the country and said that Azerbaijan produced above 50 mln tones of oil and 26 bln cubic meters of gas in 2010: “Discovery of new gas field turned Azerbaijan into gas export and the country completely provided its energy security. Currently, gas reserves of the country are more than 2.5 bln. Azerbaijan carries out measures in direction of development of electric power and renewable energy fields as well”.

Edyta Novak, adviser of EU’s Azerbaijan representation on energy sphere spoke about INOFATE program, technical assistance allocated within the program and noted that, Azerbaijan participated in this program actively, since it started: “Generally, Azerbaijan plays an important role in South Corridor”.

Head of Department on reconstruction of Investment and Industrial objects under the Ministry f Economic Development, INOGATE coordinator on Azerbaijan Ramiz Rzayev informed that, 56 projects were implemented within this program and Azerbaijan took part in 30 of these: “At present, 9 projects are implemented within the program, Azerbaijan takes part most of these projects. Total worth of this project is about 36.5 mln Euros. European Union has allocated 125 mln Euros technical assistance since INOGATE started. More one project will be started by the end of current year and 17 mln euros are expected to allocate for this”.

Rzayev says average 40 mln euros are allocated for implementation of projects within the program, per year.
#
#

THE OPERATION IS BEING PERFORMED