The Brussels-based European multimedia news platform “EU Reporter” has published an article headlined “Azerbaijan: A key player in Europe’s energy Security.”
The article reads: “The Old Continent stands on the brink of significant change. Current geopolitical instability compels European leaders to seek alternative energy sources. In these new realities, increasing attention is drawn to a reliable and ambitious country on the shores of the Caspian Sea - Azerbaijan.
A land of fire, ancient traditions, and vast prospects, Azerbaijan boasts not only a millennia-old history, unique nature, and rich culture but also immense reserves of various natural resources, including natural gas. With each passing day, the role of this small Caspian republic in ensuring Europe's energy security becomes increasingly significant.
The oil and gas resources of the Caspian Sea have long attracted the attention of global powers. On September 20, 1994, the historic "Contract of the Century" marked a significant milestone in the region's energy geopolitics. Initiated and led by the then-president of Azerbaijan, Heydar Aliyev, this contract stands as one of the most crucial agreements in terms of its political, economic, and strategic significance. The "Contract of the Century," worth $7.4 billion, involved 13 major international oil companies from 8 countries - Azerbaijan, the United States, the United Kingdom, Russia, Türkiye, Norway, Saudi Arabia, and Japan.
Over the years, Azerbaijan has proven itself to be a reliable and honest partner, supplying not only oil but also gas to Europe. The Caspian blue fuel has become the key to stability for several European countries. Responding to the growing needs of the region, the parties agreed to increase gas supplies to Europe to 20 billion cubic meters per year by 2027. The corresponding memorandum was signed in the summer of 2022 by President Ilham Aliyev and President of the European Commission Ursula von der Leyen.
