Azernews.Az

By Aynur Jafarova

The Southern Gas Corridor remains the top priority with regard to Europe's energy security and the European Union (EU) will keep supporting its implementation and expansion.

These remarks were made by head of the EU Delegation to Azerbaijan, ambassador Malena Mard during the opening of the 21st International Caspian Oil and Gas Exhibition Incorporating Refining and Petrochemicals.

Mard noted the Southern Gas Corridor will also entail significant mutual benefit not only in terms of energy security, but also in terms of employment creation and social economic development.

The EU attaches great importance to the bilateral cooperation and the implementation of this project, the head of the EU Delegation said.

Mard went on to add that since the signing of the joint declaration on the Southern Gas Corridor, significant progress has been achieved in the implementation of this project.

She also emphasized the significance of the final investment decision by Shah Deniz Consortium in December, 2013.

The EU believes the Southern Gas Corridor should carry at least 10 percent and ideally 20 percent of the European demand.

"Azerbaijan will be substantial contributor to the Southern Gas Corridor. Our energy cooperation relies on a very solid basis. Our common goals in terms of energy security provide a right condition for fruitful cooperation," the head of the EU Delegation to Azerbaijan," Mard said.

Every year, Caspian International Oil & Gas Exhibition gathers leading specialists and leading enterprises in the oil and gas industry to demonstrate advanced technologies for the extraction and processing of oil and gas, transportation and logistics, as well as industry related services.

The exhibition offers an opportunity to discuss trends in the development of the oil and gas market, potential prospects for cooperation in the Caspian region and the development of solutions for energy security issues around the world.

Some 402 companies from 29 countries will present their products and services at the exhibition. Famous companies from around the world attend the exhibition.

These companies include those which were involved in the Contract of the Century - State Oil Company of Azerbaijan Republic (SOCAR), BP, Statoil, OMV, TPAO, Lukoil and many others.

Local companies comprise 35 percent of the total number of exhibitors, while the total growth of the exhibition has reached 10 percent.

The four day exhibition will also feature a substantial business programme.

Over 500 delegates from more than 30 countries will take part in the annual conference.

More than 50 representatives of state bodies, leading experts in the oil and gas industry and chief executives of major oil and gas companies from different countries will speak at the conference.