Ilham Aliyev, the president of Azerbaijan, spoke on Monday at the opening of the Caspian International Oil & Gas Exhibition in Baku.
Aliyev said the country's 2.5 trillion cubic meters of proven natural gas reserves will play an important role in Europe's energy security.
"Azerbaijan used to be known as a country of oil," Aliyev said. "Now we are also known as a natural gas producer."
The largest natural gas field in Azerbaijan is the Shah Deniz field, which holds approximately 1.4 trillion cubic meters of natural gas, which is currently supplied to Azerbaijan, Georgia and Turkey. New drilling and pipeline projects are expected to help extract additional gas for export to European markets.
Turkey recently raised its shares in the Shah Deniz natural gas field from nine to 19 percent. It also increased its shares in the Trans Anatolia Natural Gas Pipeline (TANAP), which is the route by which Shah Deniz gas would be transported to Europe.
- National Bank of Ukraine removes restrictions on foreign-currency transactions, investment metals
- Black Sea Trade & Development Bank visits Azerbaijan to boost business relationships
- VTB Bank finances three new planes for SunExpress airline
- National Bank of Ukraine makes it easier for businesses to invest abroad
- National Bank of Ukraine eases lending regulations for deposit guarantee funds to other banks
- Black Sea Trade and Development Bank, Russian Federal Corp. for SMEs support business growth
- Oleg Demidov named commercial director for Rosbank Factoring
- Eurasian Development Bank sells bonds on Kazakhstan Stock Exchange
- EY World Entrepreneur of the Year event to name world's top entrepreneur
- ACBA-CREDIT AGRICOLE, Microsoft parter for Armenian digital business technology seminar