Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Azerbaijan warns of risks to Caspian energy exports from conflict with Armenia

Published 07/18/2020, 03:39 PM
Updated 07/18/2020, 03:40 PM
© Reuters. FILE PHOTO: The logo of SOCAR is seen at a filling station in Bern

By Margarita Antidze

BAKU (Reuters) - Azerbaijan warned on Saturday about security risks to the oil and gas it supplies to European markets due to the outbreak of hostilities at its border with Armenia.

Elshad Nassirov, vice president of Azeri state energy company SOCAR, said on a conference call some of the energy infrastructure involved in shipping Caspian oil and gas to world markets is located in the vicinity of the current military operations.

Fifteen servicemen from Azerbaijan and Armenia and one Azeri civilian have died since Sunday in clashes between the two countries, who fought a war in the 1990s over Azerbaijan's breakaway region of Nagorno-Karabakh.

Nassirov told the call that if they looked at a map they would see that clashes had taken place near some of its infrastructure. He said the Baku-Tbilisi-Ceyhan oil pipeline, the Baku-Supsa oil pipeline, the Baku-Tbilisi-Erzrum gas pipeline and some other facilities were located not far from the territory where clashes had taken place.

Nassirov also referred to the Trans-Adriatic Pipeline, the last stretch of the Southern Gas Corridor which also includes two other pipelines running via Georgia and Turkey - important because its completion means the whole corridor will be operational, reducing Europe's dependence on Russian gas supplies.

"The pipeline will be ready and operational in time in October-November this year," he said.

Armenia on Saturday also warned about security risks to the region coming from Azerbaijan after Baku said on Thursday it might strike the Metsamor nuclear power plant.

"This is a statement that should be unequivocally considered a crime against humanity ... it should be given an appropriate international response and probe," Armenian Prime Minister Nikol Pashinyan said.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Speaking on the conference call organised by U.S.-based think-tank the Caspian Policy Center, details of which were published on the group's website, Nassirov called on the West to help protect its energy exports.

"I would use this opportunity to invite our colleagues in Washington and elsewhere to think about how fragile ... this region is and to think how to provide ... military and physical security to the corridor, which is providing energy security to Europe," Nassirov said.

Latest comments

Is this a joke??? They start every flair up with Armenia so they can remain in power, Azeri's Aliev's regime needs to end like Ghadafi meet his end, they robing thier own nation. Armenian lands are in hands of turks and the other turks given to them Armenian hating Stalin....
when will you learn to tell thetruethha
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.