Firdevs Yuksel and Handan Kazanci
04 June 2024•Update: 04 June 2024
BAKU, Azerbaijan
Türkiye's Energy and Natural Resources Minister, Alparslan Bayraktar, hailed the bilateral relationship between Ankara and Baku in energy cooperation as yielding benefits for both Türkiye and Europe.
During the opening ceremony of the 29th Caspian Oil and Gas International Exhibition in Baku on Tuesday, Bayraktar said the bond between the two countries, which is rooted “in shared history, culture, and strategic interests,” has been exemplified by landmark projects like the Baku-Tbilisi-Ceyhan Oil Pipeline and the Trans-Anatolian Natural Gas Pipeline (TANAP), both of which are crucial for the effectiveness of the global oil market.
He also lauded the Southern Gas Corridor as “a testament to the power of regional cooperation” and highlighted its role in fortifying both Europe's and Türkiye's energy security while strengthening economic and geopolitical ties.
Bayraktar’s remarks came on the heels of a cooperation agreement signed with the Ministry of Economy of Azerbaijan for additional gas volumes from Azerbaijan, as well as natural gas from the Caspian region, to Türkiye and Europe by 2030.
He added that both countries also agreed to cooperate on increasing existing natural gas supply to the Turkish market and European countries through Türkiye, and the related commercial agreement was finalized and signed on Tuesday morning.
Turkish Petroleum Pipeline Corporation (BOTAS), Azerbaijan's state energy company SOCAR, and Azerbaijan Gas Supply Company (AGSC) signed the deal on natural gas supply and exchange while participating in the Baku Energy Week, which is running between June 4 and June 6.
The Turkish minister said that Turkish officials are working very closely with the Ministry of Energy of Azerbaijan to invest in increasing power interconnection capacities between Türkiye and Nakhcivan, which will allow more green electricity to be installed, generated and transported.
"By fostering regional cooperation and prioritizing energy security, a resilient and dynamic energy landscape that benefits current and future generations can be built," Bayraktar said, citing the country’s pivotal role in the region's energy projects due to its unique location between the East and the West and its expanding domestic market.
The Turkish minister also spoke on the significant strides that are being taken to enhance energy security, a key component of which is ensuring regional cooperation.
"Our region is blessed with abundant energy resources, including oil, natural gas and renewable energy potential. By working together and creating synergy, we can utilize these resources more effectively and ensure that the benefits are widely shared,” he said.
The exhibition, which Azerbaijan’s Energy Ministry and Azerbaijan's national oil company SOCAR have organized, is part of the three-day Baku Energy Week.
