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30.09.2015 12:21

Azerbaijan responds flexibly to changes in world oil prices

Azerbaijan responds flexibly to sudden fluctuations in world oil prices and, in preparation for large gas supplies welcomes new types of contracts pegged not to the price of oil but to the price of gas.

This opinion was voiced by Gulmira Rzayeva, a representative of the Centre for Strategic Studies (SAM) under the President of Azerbaijan within the "Week of Oil & Gas of Azerbaijan & the Caspian Region".

"We are concerned with low oil prices. But our policy of diversifying export routes allows a flexible response to such situations," Rzayeva said.

She informed that this year the Center jointly with the Oxford Institute conducted research in relation to the markets of consumption of hydrocarbons from the Caspian region and the prospects of supply.

"In particular, on the Turkish market the gas prices are now higher than in Western Europe. Besides, this market is geographically close to Azerbaijan. In addition, the market of the Balkans is also favorable for our supplies," Rzayeva said.

She points out that by 2020 Azerbaijan will be able to deliver approximately 15 bn cu m of gas a year to those markets and 20 bn cu m a year and more after 2030.

The gas will be delivered via the Southern Gas Corridor, and the first source will be gas from Caspian field Shah Deniz.

David Oniani, strategic planning advisor of Georgian oil & gas corporation GOGC, has stated that for Georgia there is no alternative to this corridor, and this infrastructure project will benefit to the entire region.

U.S. Ambassador to Azerbaijan Robert Cekuta believes that Azerbaijan is also important as a transit country for delivery of Central Asian countries gas to Europe.

"It is important that pipeline projects would be fairly easy in implementation that will allow involvement of international lenders in their financing. Also, projects should take into account long-term needs of certain markets," Secuta thinks.

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