Azernews.Az

By Nazrin Gadimova

Azerbaijan is the UK's strategic partner, UK Prime Minister's Trade Envoy to the country, Charles Hendry, said at the Caspian oil and gas exhibition in Baku on June 4.

Hendry said Britain is the largest investor in Azerbaijan. The energy sector has a principal place in bilateral cooperation.

"In particular, BP alone has invested $25 billion in Azerbaijan. Despite the cooperation falling mainly to the energy sector, the parties also cooperate in other areas," he said.

Hendry also said 2013 is important for Britain because this year a decision will be made through which route energy resources will be delivered to Europe.

"This year the final decision will be made on the pipeline issue, which is essential for the energy security of Europe. This decision is of strategic importance in terms of diversification of energy supply," he said.

The consortium developing Azerbaijan's giant Shah Deniz field is considering Trans Adriatic Pipeline (TAP) and Nabucco West for gas export to Europe. The consortium will make its final decision on the pipeline route in June and a final investment decision by October 2013.

UK Prime Minister David Cameron in his message to the participants of the oil and gas exhibition also said 2013 will be an important year for the realization of the Southern Gas Corridor project with the continued development of the world class Shah Deniz field and a number of key decisions being made on the final pipeline route to Europe.

Being the largest oil and gas event in the Caspian region, the International Caspian Oil & Gas Exhibition Incorporating Refining and Petrochemicals takes place in the Baku Expo Center from June 4-7, marking its 20th anniversary, and brings together 386 companies from 28 countries, including oil and gas field developers and service providers.

Caspian Oil & Gas continues to be the largest and best-attended oil and gas event in Azerbaijan and the Caspian region. The event is held annually under the patronage of the President of Azerbaijan and is officially supported by the Azerbaijani Ministry of Industry and Energy and the state oil company SOCAR.