By Azernews

By Ayya Lmahamad

Attracting investment is necessary to prevent oil shortages and price volatility in the oil market in the future, Azerbaijan’s Energy Minister Parviz Shahbazov has said, Azernews reports.

He made the remarks while addressing the panel discussion, entitled “New challenges-new opportunities. What awaits the global oil and gas market?” at the Russian Energy Week International Forum.

Speaking at the panel discussion, he shared his views on balancing the global oil market and the development of green energy under new realities.

The minister noted that hydrocarbons will remain important in the changing energy architecture, but the picture of the oil and gas sector in the world is likely to be different.

Stressing that there is currently political and investment support for green energy, Parviz Shahbazov noted that last year 257 GW of renewable energy capacity was commissioned worldwide, adding that $365 billion was invested in this sector, as evidence of the green energy development.

“Today many countries are successfully implementing a green energy policy and have no problems with energy security. Azerbaijan is one of such few countries,” he added.

In this regard, he mentioned that wind and solar energy facilities with a total capacity of 4,700 MW are currently being created together with international energy companies.

“A little later, we have plans for projects with a capacity of 6 GW,” he said.

Azerbaijan's Energy Minister Parviz Shahbazov is attending the Russian Energy Week International Forum, at the invitation of Russian Deputy Prime Minister Alexander Novak.