In the midst of the Russian-Ukrainian conflict, Europe is looking for alternatives to Russian gas, it is possible to say that Azerbaijan may become a lifeline for Europe in terms of gas supplies
Baku, May 4 - Neftegaz.RU. Azerbaijan is becoming a new leading logistics center in the context of the restructuring of global
supply chains in Eurasia, occupying a strategic central position between Europe and China and having a developed aviation, rail, pipeline and maritime infrastructure, Deputy Head of the Market Analysis Department of the
Gazprombank Gulnara Khaidarshina told Trend.
Russian Gazprombank is engaged in a large project in Azerbaijan to build factories for the production of
polypropylene and high density
polyethylene.
Khaidarshina noted:
- In medium term perspective, the diversification of Azerbaijani economy will be facilitated by new projects in Karabakh, which include the construction of transport and social infrastructure, industrial parks and renewable energy facilities
-
All these factors create prerequisites for improving the outlook for Azerbaijan's rating and a possible upgrade to investment grade
Khaidarshina also said that Azerbaijan, being an
exporter of oil & gas, is one of the key beneficiaries of high prices for
hydrocarbons.
Azerbaijan plans to boost its supplies of gas to
Europe by 30 % this year, pumping 10.5 billion m
3 of gas.
The country exported 2.6 billion m
3 of gas to Europe in the 1
st quarter of 2022.
According to official data, the proven gas reserves of Azerbaijan trapped beneath the Caspian Sea is 2.6 trillion m3, of which 1 trillion is reserved at the largest
Shah Deniz field.
