Sunday, April 09, 2006

Oil and Gas: Azerbaijan set to enter European natural gas market

Azerbaijani Foreign Minister Elmar Mamedyarov, has announced that his country planned to enter European natural gas market.

Azerbaijan wants to export natural gas by the Baku-Tbilisi-Erzurum pipeline with a capacity of 16 billion cubic metres a year, which can be increased to 20 million cubic metres. The minister told the Washington-based Heritage Foundation, that construction of the pipeline is expected to be completed by the end of this year.

Mamedyarov said: "This meets our interests and will allow us to buy less gas from Russia and Iran or other countries, especially now that prices are growing. We will be self-sufficient in terms of gas supplies".