Rovshan Najaf: Demand for reliable supply sources to increase in coming years

Global energy markets are expected to see a further rise in demand for reliable supply sources in the coming years, Rovshan Najaf, President of the State Oil Company of Azerbaijan (SOCAR), stated at a panel discussion held on the second day of Baku Energy Week, Report informs.

The SOCAR President noted that one of the main reasons for this is interruptions in energy supply and countries turning to more reliable sources.

"Another important factor is the rapid development of artificial intelligence technologies and data processing centers, which is driving energy demand. The impact of AI and data centers on energy consumption is increasing. Although it is difficult to predict exactly what level demand will reach, this trend is already evident," he said.

Najaf stressed that SOCAR is investing in upstream projects abroad and diversifying supply sources to meet growing demand: "The company's main goal is to remain a reliable partner for its customers and to meet the rising energy demand in the future. For this purpose, SOCAR is expanding its production portfolio and increasing participation in new international projects. The company has acquired a 10% stake in the Baleine project in Côte d'Ivoire. In addition, SOCAR has long been involved in projects in the United Arab Emirates and is further expanding its international activities."

He added that SOCAR's strategy is not limited to existing production volumes: "We are expanding our production portfolio through new sources and projects to meet growing demand."