Aliyev: Energy should not be used as a political tool

BAKU

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Energy should not be used as a political tool, Azerbaijani President İlham Aliyev has said, adding that oil prices were unlikely to remain low for much longer.

“Energy should not be used as a political tool. Political tools should not be used in business. The price of oil will not remain at a low level for long. Demand for natural gas in Europe will increase. We need to get rid of unnecessary competition. To succeed, we must not mix energy and politics,” he was quoted by APA agency at the opening of the IV Global Baku Forum on March 10. 

A planned Southern Gas Corridor would stretch from Baku to Italy, he said.

“In the document, signed on Feb. 29 by 11 countries, including the European Union, Azerbaijan was declared as the main country to implement this strategic project. I believe that Croatia and Montenegro will also join this project. This is a free competition project to diversify sources of energy. Our main goal is to implement it as a commercial project,” he said. 

Aliyev also said a post-oil period had begun in Azerbaijan.

“This is connected not to the reduction of production, but to the fact that the oil price has fallen by four. No one was ready for it. We have been actively working to reduce the negative impact from these developments. Now our financial position is stable. Our budget is calculated on the basis of $25 per barrel. There are sufficient reserves in our State Oil Fund. We are going in the right direction. We are currently engaged in the diversification of the economy,” he said.