Azerbaijan: Govt seeks energy accord with Turkmenistan

Baku, 29 May (AKI/Trend) - Azerbaijan and Turkmenistan, which both have vast energy resources, are studying the potential for great cooperation in the energy sector. The State Oil Company of Azerbaijan which produces oil and gas, is estimated to be worth 20 billion dollars and is one of the largest companies in the world.

Azerbaijan's ambassador to Turkmenistan Vahdet Sultanzade presented a report on the issue this week as Indian oil firms look at acquiring stakes in gas fields in Turkmenistan, Central Asia's top gas exporter.

"Our countries, as energy powers jointly concentrate the efforts on the organisation, improvement and further development of its oil and gas industry, studying the possibility and potential of cooperation in the energy sector and the corresponding presentation of them to the world," the diplomat said.

He said the advantageous location of Turkmenistan and Azerbaijan at the interjection of Europe and Asia should encourage the countries to develop joint projects.

The two countries currently co-operate across a range of sectors through 40 bilateral agreements.

This week Azerbaijan finance minister Samir Sharifov said state budget revenue in 2009 was AZN 10,325,900,000 (12.858 billion dollars), AZN 436.8m (543.892 million dollars) less than forecast.

"The global financial crisis did not pass Azerbaijan by," the minister told parliament.

Almost 50 percent of state revenues came from the state oil fund.


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