By Trend
Azerbaijan's close cooperation with the European Charter, in
particular Azerbaijan's entry into the International Energy Charter
(IEC), will expand the prospects for investment opportunities and
also contribute to the creation of a legislative framework that
meets modern requirements, the ex-head of the State Oil Company of
Azerbaijan, economist Sabit Bagirov told Trend.
Bagirov was speaking on the prospects of Azerbaijan joining the
International Energy Charter and chairing the forthcoming
conference in 2020.
Cooperation with the European Charter promises great benefits to
Azerbaijan, according to Bagirov.
"Azerbaijan is actively working to develop the energy market. To
this end, a new draft law "On the regulation of energy markets," is
prepared in order to bring the country closer to modern
requirements and standards in the energy sector," Bagirov said.
According to Bagirov, efforts aimed at bringing Azerbaijan
closer to the Energy Charter, including the adoption of new laws,
will bring the country closer to the high standards of the
international energy market.
"It is expected that the new law will coordinate the activities
of the independent energy regulator, work of all market
participants and will also affect private and public enterprises,
electricity generation, transportation and distribution. The Energy
Ministry conducts detailed work on the launch and implementation of
energy efficiency projects, thereby making a great contribution to
the future of the energy sector. And I believe that the work aimed
at finding economical and profitable ways of using energy
resources, their export and effective implementation will yield
positive results in the future," Bagirov added.
Earlier, the Secretary General of the Energy Charter Urban
Rusnak, speaking at a conference on energy efficiency in Baku, had
said that Azerbaijan and the International Energy Charter expect
fruitful cooperation in many areas.
Azerbaijan will chair the Energy Charter Conference in 2020. The
country has been a member of the European Energy Charter since
1998.
In May 2015, the European Energy Charter was granted
international status.
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