BAKU, Azerbaijan, June 17. Azerbaijan plays a key role in ensuring the energy security of a broad region, remaining a highly reliable hydrocarbon exporter and expanding cross-border supply routes, Orkhan Zeynalov, Deputy Minister of Energy of Azerbaijan, said during the 14th Private Sector Forum of the Islamic Development Bank Group, Trend's correspondent reports from the event.
"Azerbaijan continues to play an important role in ensuring the energy security of a broad region, including the South Caucasus, Türkey, Europe, the Middle East, and Central Asia. The country has remained a reliable supplier of oil and natural gas to world markets for 30 years. Azerbaijan supplies crude oil to 25 countries and natural gas to 16 countries worldwide. Among the countries importing natural gas, 11 are NATO members and 10 are members of the European Union. Today, the European Union receives about 7% of its natural gas from Azerbaijan. Hydrocarbons remain a key element of the country's energy balance and will maintain their significance," he said.
Zeynalov noted the necessity of a balanced energy transition policy that simultaneously ensures energy security and investment stability in the traditional energy sector.
"Central Asia, the South Caucasus, and the Caspian region form a single interconnected geopolitical and economic space. Energy interconnectedness is a key factor in the development of the region," the deputy minister said.
He noted the importance of the Middle Corridor and the Zangezur Corridor in ensuring connectivity between East and West.
"Recent events in the area of the Strait of Hormuz have confirmed the significance of alternative energy supply routes. Over the past 30 years, the share of hydrocarbons in the global energy balance has changed insignificantly. Today, it still stands between 70% and 90% in key markets. Renewable energy sources complement traditional sources, rather than replace them," the deputy minister added.
