Azerbaijan's Energy Minister to participate in Russian Energy Week

Azerbaijan's Energy Minister Parviz Shahbazov will participate in the VI Russian Energy Week - International Forum, which will be held in Moscow on October 11-13, Azernews reports.

At the forum, Shahbazov is planning to participate in discussions and hold bilateral meetings in the Management of the Global Oil and Gas Market in the Period of Turbulence session.

Government representatives from a number of countries, international organizations operating in the energy sector, heads of influential companies, and leading experts will attend at the Forum.

The Forum is expected to discuss the use of traditional and renewable energy sources, cooperation in global energy markets, energy transition, and other topical issues.

Moreover, it is planned that Parviz Shahbazov will participate in the plenary session "New Challenges, New Opportunities: What's in Store for the Oil and Gas Market?" and hold bilateral meetings.

Attracting investment is necessary to prevent oil shortages and price volatility in the oil market in the future Shahbazov said while addressing the panel discussion, entitled "New Challenges, New Opportunities: What's in Store for the Oil and Gas Market?" at the Russian Energy Week International Forum.

Shahbazov 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 $365bn was invested in this sector.

Azerbaijan is one of the few countries that are successfully implementing a green energy policy and have no problems with energy security.

Wind and solar energy facilities with a total capacity of 4,700 MW are currently being created together with international energy companies in Azerbaijan. Plans are also in place for projects with a capacity of 6 GW.