Strategic energy partnership between Azerbaijan and EU reaffirmed

Strategic energy partnership between Azerbaijan and EU reaffirmed
# 04 February 2022 18:59 (UTC +04:00)

The eighth Ministerial Meeting of the Southern Gas Corridor Advisory Council, held in Baku on the 4th of February 2022, reaffirmed the strategic energy partnership between the Republic of Azerbaijan and the European Union based on shared goals of long-term energy security, security of supply, and the green energy transition, APA-Economics reports citing joint press statement of Azerbaijan's Energy Minister Parviz Shahbazov and EU Commissioner for Energy Kadri Simson.

"We welcome the successful outcome of the full scale first operational year of the Southern Gas Corridor and its contribution to the provision of reliable, competitive and affordable energy supplies from the Republic of Azerbaijan to markets in Georgia, Turkey and Europe. This transmission system spanning across six countries contributes to a diversification of energy supplies and sources, including to regions that previously lacked access to natural gas, where it can also support an accelerated coal phase-out.

The Government of the Republic of Azerbaijan continues to play a strategic role as a key enabler of the Southern Gas Corridor and it continues its efforts to deliver secure, stable and affordable energy supplies to Europe. The recent global surge in gas prices has once again highlighted the need for the diversification of supplies.

We emphasize the efforts from all interested parties in examining a possible extension of the Southern Gas Corridor towards new energy markets, including the Western Balkans. As a next step, it is important to assess all commercial, environmental, technical, regulatory and climate-related matters, which could emerge during the realization of any future extension of the Southern Gas Corridor.

The shareholders of the Southern Gas Corridor project are signatories to a variety of climate and sustainable development initiatives, including the Methane Guiding Principles. Further operations of the Southern Gas Corridor will be gradually based on the implementation of the Parties’ and the industry’s best practices of sustainable activities in line with relevant regulatory frameworks," reads the statement.

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THE OPERATION IS BEING PERFORMED