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Tuesday May 28 2024

Azerbaijan's energy sector continues to drive economic growth

14 May 2024 12:44 (UTC+04:00)
Azerbaijan's energy sector continues to drive economic growth
Ulviyya Shahin
Ulviyya Shahin
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In the dynamic landscape of global energy markets, Azerbaijan emerges as a pivotal player, boasting significant achievements in oil, condensate, and gas production. Energy Minister Parviz Shahbazov's recent disclosure on social media underscores the nation's robust performance in the energy sector during the first four months of this year.

According to Shahbazov's announcement, Azerbaijan's oil-condensate production surged to 9.6 million tonnes from January to April, while exports soared to 7.9 million tonnes. This notable uptick reflects the country's steadfast commitment to meeting domestic demands while capitalising on lucrative international markets.

Gas production, a cornerstone of Azerbaijan's energy prowess, also witnessed substantial growth, reaching a staggering 16.7 billion cubic metres during the same period. This marked an impressive increment of 500 million cubic metres compared to previous statistics. Of this prodigious output, 8.5 billion cubic metres were earmarked for export, signalling Azerbaijan's pivotal role as a reliable gas supplier in the global arena.

Europe, Turkey, and Georgia emerged as primary destinations for Azerbaijan's gas exports, receiving 4.2 billion, 3.2 billion, and 1.1 billion cubic metres, respectively. These figures underscore the strategic importance of Azerbaijan's energy resources in fueling the economies of neighbouring and distant nations alike.

Furthermore, the successful operation of the Trans-Anatolian Natural Gas Pipeline (TANAP) facilitated the transportation of 1.8 billion cubic metres of gas to Turkey. TANAP's seamless connectivity underscores Azerbaijan's commitment to strengthening regional energy infrastructure and fostering economic cooperation with its neighbours.

Minister Shahbazov's revelation that gas exports during the first four months of this year witnessed a 2.7% increase compared to the corresponding period of the previous year is indicative of Azerbaijan's resilience and adaptability in navigating global market dynamics. Despite ongoing challenges, Azerbaijan's energy sector continues to thrive, contributing significantly to the nation's economic prosperity.

This stellar performance in the energy sector not only bolsters Azerbaijan's position as a key player in the global energy landscape but also underscores its potential to drive sustained economic growth and development. As Azerbaijan continues to leverage its abundant energy resources, it remains poised to play a pivotal role in shaping the future of the energy market while cementing its status as an indispensable partner in the global economy.

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