President Ilham Aliyev: Turkey-Azerbaijan friendship brings stability to the region

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"Azerbaijan perceives its responsibility. We well understand that the projects we are implementing jointly with the partner countries will ensure energy security and energy balance of many countries”, at the 22nd World Petroleum Congress (WPC).

The head of state noted that Azerbaijan has assumed this responsibility: "I hope that we yield results. The issues of oil and gas are the focus of attention in this congress. I’d like to touch upon an issue. Countries which are not rich with oil usually wish to have oil and use it. However, the oil may be profitable and cause problems. It depends how the oil is uses. We tried to change the black oil to human capital in Azerbaijan. I think we achieved it. We transparently collect oil revenues in the State Oil Fund of Azerbaijan (SOFAZ). SOFAZ is one of most transparent oil funds in the world and was awarded by UN. Information about funds collected in SOFAZ is regularly publicized. We directed these funds to the infrastructure projects. Today, we export energy produced by tens of power stations built by us. We paid attention to construction of schools and hospitals, seriously struggled against poverty.

 

We directed oil revenues to other sectors and reduced poverty and unemployment to 5-6 %. That’s the steps may cause profit and problems. I think Azerbaijan’s practice is successful. A large amount of investments are made in our country. In turn, we also invest in foreign countries. We invested $10 billion in Turkey’s energy sector. This figure will double in the next years”.

 

President Aliyev stressed that speaking of energy security means projects implemented by Azerbaijan: "I say once again that Turkey-Azerbaijan friendship does not only ensure successful future of the two countries. It has impact on the future of the region. It brings stability to the region, launches new jobs, opens doors for extensive cooperation”.  

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