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UK envoy: â€˜Azerbaijan will have to compete with the countries such as Israel and Cyprus in energy marketâ€™

05 June 2013 08:17 (UTC +04:00)

To him, though Azerbaijan is considered the cradle of the oil industry, new non-traditional producer appeared in the region: ‘In the meantime, I can cite as an example the Eastern Mediterranean and East African countries. New innovations and technologies, applied in different countries change the global trade flow. Non-traditional oil and gas extraction, as well as the changes in the US have changed the rules of the game. Besides, the markets in China, India and other Eastern countries are changing, too’.

UK envoy noted that the situation in energy market was rapidly changing: ‘Though we accept that hydrocarbon reserves will play a great role in global energy issues in the coming years, at the same timer, we know that alternative energy resources are also developed and in order to meet the global demand we must use new technologies’.

Hendry said that as a result of the changes in energy market, the producers such as Azerbaijan will have to compete with other new producers: ‘For example, Israel, Cyprus and other countries will be the rivals of Azerbaijan’.