Elshad Nasirov: We are filling gap between current and future energy supplies in Europe and Turkey

Baku. 6 February. REPORT.AZ/ Azerbaijan aims less dependency on oil and gas.

Report informs, SOCAR's Vice-President on investments and marketing Elshad Nasirov told in his interview to the German media.

He noted that decline of oil prices affected national economy: “Despite this Azerbaijan is looking for alternatives and tries to diversify the economy. This is also an opportunity for SOCAR. "We will expand some production areas and try to create closed circuits - for example with the production of fertilizer or oil and gas treatment".

The state group also wants to strengthen the security on its oil and gas platforms after two serious accidents. "Unfortunately, we have not been financially or technically able to remove anything that has no right to exist," said Nasirov with a view to production plants, some of which still date from the Soviet era. "But now we are renovating the bulk of the offshore facilities, the oil workers are being trained on safety and rescue issues."

According to him, the accidents in December 2015 and December 2016 with dozens of deaths were mainly attributable to the outdated infrastructure, Nasirov said. "In the Soviet Union nobody has been concerned about environmental protection and security." Added to this were record-breaking wind speeds and huge waves. But this is of course no justification, Nasirov stressed: "It was a disaster for all of us." SOCAR cooperates with foreign companies to prevent such accidents in the future.

He also noted that, in Europe SOCAR is represented in Switzerland, Romania and Ukraine with petrol stations. Given the current low energy prices, the company is certainly interested in an expansion, Nasirov said. "But at the moment we do not think of immediate actions, even if someone would offer us a network in Germany."

The energy company is currently involved in several new gas pipelines from the Caspian Sea to Turkey and also to Western Europe. "We do not make short-term deals," he said. "Given the cost of some $ 35 billion to build pipelines or offshore facilities, we cannot afford to discuss supply and transit fees every year".

SOCAR does not see himself as a competitor to the Russian energy monopolist Gazprom, the company's Vice-Presdent clarified. No competitor had been pushed out of the European market. "We are only filling the gap between current and future energy supplies in Europe and Turkey."