Azernews.Az

Azerbaijan has managed to cope with the global economic crisis with minimal losses, Azerbaijani President Ilham Aliyev told Russian Vesti TV channel.
"In general, the Azerbaijani economy developed dynamically. Economic growth will comprise over 9 percent in 2009, which, I believe, is quite a good indicator in the conditions of the global financial crisis," the president said.
According to him, the country’s industrial production increased by around 9 percent as well. Inflation made up less than two percent, whilst the population's incomes are considerably higher.
"The main socio-economic indicators indicate that Azerbaijan continued developing successfully," Aliyev said. "I think the main success was that we have managed to diversify our economy and to implement very substantial economic reforms in quite a short period of time."
President Aliyev said that it is not by mere chance that the leading international financial institutions are noting Azerbaijan’s achievements in this area. "The country has a very steady international rating. All rating agencies are assessing our accomplishments very highly," the president said.
Further, Aliyev said Azerbaijan has ample pipeline infrastructure to export its vast hydrocarbon resources.
"We have built all of our pipelines. Azerbaijan does not need to build new pipelines. As for transporting oil, the country has three pipelines to transport it in different directions. Also, gas is being transported through four pipelines that link us with all neighboring countries. Therefore, further pipeline policy in the region will probably be determined to a greater extent by those who need it more," Aliyev said.
Asked about prospects for the Nabucco pipeline project, which aims to transport Caspian and Central Asian gas to European markets, the president replied: "A lot of statements are being made, there are a lot of political speculations around this and, by the way, other projects, but very little action is being taken."
Aliyev said Azerbaijan is interested in further diversifying its gas supplies. Today, the country’s gas supplies are limited to the region. However, given the existing potential and the fact that Azerbaijan’s minimal proven gas reserves are estimated at 2 trillion cubic meters, while actual reserves amount to about 5 trillion cubic meters, accessing new markets is attractive for Azerbaijan, Aliyev said.
Regarding energy cooperation between Azerbaijan and Russia, Aliyev noted that relations between the two countries have a long-standing history and have accomplished good results.
"We have been transporting crude via the Baku-Novorossiysk pipeline through Russia’s territory for many years, and I must say that the volume of transportation has significantly increased this year. We are satisfied with this and intend to continue working in the future on increasing supplies in this direction," said Aliyev.
In the gas sector, Aliyev said, Azerbaijan was the buyer of Russia's gas before 2007 because the South Caucasus republic lacked sufficient resources of its own. From the beginning of 2010, Azerbaijan will be supplying gas to its northern neighbor. Moreover, the two countries will not be confined to those volumes that were designated, and, upon agreement, "real potential will allow at least doubling the volume", Aliyev said.*