President of the Republic of Azerbaijan Ilham Aliyev delivered a speech at the official opening ceremony of the 30th Anniversary International Caspian Oil and Gas Exhibition, 13th Caspian International Power and Green Energy Exhibition, and the 30th Anniversary Baku Energy Forum, which got underway as part of the Baku Energy Week at the Baku Expo Center.

The head of state addressed the event.

Speech by President Ilham Aliyev

- Good morning, ladies and gentlemen.

I'd like, first of all, to greet all our guests. Thank you for being with us today. I also express gratitude to the organizers for the continuous support of Azerbaijan's energy agenda. As was already mentioned, back in 1994, when the first oil and gas exhibition was held, right after that, Azerbaijan signed a contract with a consortium of international oil companies, later called the Contract of the Century, which actually changed the whole geopolitical and geo-economic situation in the region.

That was due to the vision of President Heydar Aliyev, who clearly understood that without broad international cooperation, especially in the field of energy, which at that time was probably the only attractive part of our economy, Azerbaijan would not be able not only to overcome difficulties, but also to become a really independent country.

Because now, when we look back at that period, we see that the road towards independence actually started from that particular historical moment. At that time, Azerbaijan was considered by foreign investors as a very risky country due to objective reasons. The country was just emerging from the civil war. The economic situation was close to collapse. Inflation was at 1,000% with overwhelming poverty, and the occupation of our territories by Armenia, which led to the ethnic cleansing of hundreds of thousands of Azerbaijanis, created, as you can imagine, a very dark picture for our future. Today, when we look back, we see that our energy policy was the driving force for our economic and political success.

Today, Azerbaijan is a country with a stable political system and a developing economy. The share of oil and gas in our GDP is something more than 30%. Azerbaijan is implementing large-scale economic reforms, and our economy is self-sufficient. Our foreign debt is less than 7% of GDP, and our financial reserves exceed our foreign debt by 14 times. We managed to reduce poverty due to the fair distribution of national wealth. Today, the poverty level is around 5%.

We invested largely in human capital and education, and the level of literacy is close to 100%. Then, we created a new environment in the region.

Without access to the open seas, Azerbaijan today is considered to be one of the important transportation hubs of Eurasia, with our huge investments in transportation infrastructure. Also, our energy projects have completely changed the energy map of Eurasia.

Together with our partners, we built strategic pipelines to connect the Caspian Sea with the Black Sea and the Mediterranean. Of course, the crown of our pipelines is the Southern Gas Corridor, which stretches 3,500 kilometers from the Azerbaijani offshore fields to Italy.

Investing in energy security of many other countries, of course, increases the geopolitical importance of Azerbaijan. We all clearly understand that energy, oil and gas, will continue to play an important role in many countries' energy security.

When I was speaking at the Baku Energy Week last time, I informed the audience that we export natural gas to eight countries. Now I'd like to inform you that the number of countries to which we export our gas has reached 12. And this is not the end.

We are still in the process of negotiations and also making investments with some countries to expand our geography. With respect to the coverage of geography by pipeline gas, I think Azerbaijan is now one of the leading countries on a global scale.

So, all these are positive dynamics, and we see the positive impact of our energy development not only on Azerbaijan's own potential, but also on the neighborhood.

When energy resources are properly managed, and cooperation between investors, host country, transit countries, actually is as it is here, then you achieve success. So, it is a win-win situation, and we always looked very carefully at the balance of interest between producers, transit countries, and consumers. This, I think, is a very important factor for future energy cooperation.

Our natural gas export last year reached 25 billion cubic meters, and we are planning to increase our production based on the contracts already signed and on the process, which already is in the pipeline. If everything goes according to our plans, by 2030 we will increase gas exports to a level of 8 billion cubic meters. That will be available for the international market.

By that time – exactly by 2030 – we, again, based on already signed contracts and investment commitments, are planning to have 6.5 gigawatts of renewable energy installed capacity. That will be more than 35% of our total energy grid.

So, the green agenda of Azerbaijan is very ambitious. The country, which is rich in oil and gas, is investing together with foreign investors in green energy, which demonstrates our responsibility.

With all that green energy potential, we will definitely satisfy the growing needs for electricity in Azerbaijan, mainly through renewable sources, and that will save us another several billion cubic meters of gas, which will be available for export.

I can understand that as a President of COP29, maybe it's not appropriate now to talk much about oil and gas, but our agenda with respect to COP29 was very pragmatic. It was far from populism, far from false narratives. It was based on the pragmatic calculations of the countries’ demand for fossil fuels.

We see what happens in some countries when the balance between fossil fuels and green energy is not observed. It leads to blackouts and energy collapse, and it may lead to much more complicated scenarios. To keep the balance, and not to follow the trend that sometimes dictates your steps, I think, is the right policy.

So, in our case, we are increasing production of natural gas to satisfy the needs of countries, which are waiting for it, and at the same time, investing together with partners in our green energy projects.

The 8 bcm of natural gas, which we plan to have additionally by 2030, will be produced from five existing and new fields. It means that investors already operating in Azerbaijan, will increase their production. At the same time, new contracts, which have been signed or will be signed soon, will give this potential.

Last year, at Baku Energy Week, several contracts totaling 1,000 megawatts of green energy were signed. This time, several contracts of several hundred megawatts of green energy will also be signed. We are continuing on that path.

Talking about COP29, we duly consider it as a success. It was called the “Baku Breakthrough” because we managed to achieve many goals. I don't want to mention all of them, but the major achievements are the establishment of the Loss and Damage Fund, at the same time, the increase in financing for developing countries from 100 to 300 billion dollars, and also, after more than 10 years of negotiations, the carbon market became functional.

This is our legacy as a host country, as a responsible actor on the energy market, and as a country, which always puts realistic targets and is capable of bringing together different actors.

One of our roles at COP29 was to build bridges between Global South and Global North, and we managed to do it – to establish more trust between developed countries, which are the biggest polluters to the environment, and those countries, which suffer, and for them it is can existential threat.

We have a special financial package for Small Island Developing States (SIDS), which was announced at COP29, and we continue our efforts to help those needing our support.

I'd like once again to greet all our guests and wish Baku Energy Week success.

Thank you.

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This year, Baku Energy Week is hosting 267 companies from 39 countries. Baku Energy Week traces its origins to Caspian Oil & Gas, the first international specialized exhibition held in independent Azerbaijan. Initiated by National Leader Heydar Aliyev and further supported by President Ilham Aliyev, the event has evolved into one of the world’s most prestigious gatherings in the energy sector.

This year, 35% of the exhibitors are new companies. International interest in Azerbaijan’s oil, gas, and energy sectors continues to grow approximately 70% of the exhibitors are foreign companies, while 30% represent local enterprises. This once again demonstrates not only strong international cooperation, but also the active engagement of the local business community.

Leading industry companies that have traditionally participated in the event occupy 40% of the exhibition space. Many of them continue to support the sector’s development by participating as sponsors, as they have done in previous years.

Since its inception, the Caspian Oil & Gas exhibition has become a key meeting point for leading professionals in the oil, gas, and energy sectors — a venue where memorandums, cooperation agreements, and future partnership deals are regularly signed. Over the past 30 years, Baku Energy Week has made a significant contribution to the development of Azerbaijan’s oil, gas, and energy industries, attracting more than 9,000 companies from 80 countries and welcoming over 170,000 visitors.

At the 13th Caspian International Power and Green Energy Exhibition “Caspian Power,” international and local companies will present the latest developments and solutions in the field of energy and renewable resources. The exhibition will cover a wide range of sectors including solar, wind, and geothermal energy, thermal power, machinery and energy equipment, electric transport, energy-efficient technologies, and other related products, services, and new projects.

Later, President Ilham Aliyev familiarized himself with the exhibition.

The head of state first visited a stand of SOCAR, the State Oil Company of Azerbaijan. SOCAR plays a strategic role in delivering the country’s national resources to international markets and contributes significantly to the energy security of Azerbaijan and its strategic partners. The company continues its purposeful transformation from a national oil and gas entity into a global energy company, reinforcing its position in the energy sector through high-quality management, transparency, and modern approaches. SOCAR operates successfully across a wide range of sectors, including exploration and drilling, production, transportation, refining, manufacturing, marketing, retail fuel sales, gas distribution, and the development of renewable energy sources. The company promotes sustainable growth through digitalization, innovation, and transition to green energy. SOCAR also actively participates in combating climate change by prioritizing the implementation of environmentally friendly, low-carbon, and advanced technologies.

Afterwards, the head of state viewed the Germany’s national pavilion and stands of the following companies: bp Azerbaijan, Türkiye Petrolleri Anonim Ortaklığı” (TPAO), Italy’s Maıre, Budapest-based MOL Group, Russian Federation’s Tatneft, China’s Sinopec SJ Petroleum Machınery Co, Uzbekistan’s Uzbekneftegaz JSC, UAE’s Masdar, USA’s Schlumberger (SLB), Saudi Arabia’s ACWA Power, France’s TotalEnergies.

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Then, President Ilham Aliyev signed a guest book.

A keepsake was presented to the head of state.

A group photo was taken in conclusion.