3 August 2007
Greece, Azerbaijan sign energy cooperation agreement
Visiting Greek Development Minister Dimitris Sioufas and Azeri Economic Development Minister Heydar Babayev signed a memorandum of cooperation in the sectors of natural gas and oil in Baku.
Sioufas, who arrived in Baku for an official visit on Wednesday accompanied by his ministry's Secretary General Nikos Stefanou, also met with Azeri President Ilham Aliyev.
"The signing of a Memorandum of Cooperation in the energy sector between the governments of the Republic of Azerbaijan and Greece constitutes a landmark in the promotion of political, economic and trade relations between the two countries," Sioufas said after the signing of the memorandum, while also referring to a "new page in economic and energy relations of the two countries."
Azerbaijan is a producer country of oil and natural gas with important assessed reserves, able to cover part of the continuously increasing demands of natural gas in big European markets, Sioufas said, noting that Greece can function as a corridor for the transport of gas from the Caspian region to Italy and to European markets in general.
Greece, Italy and Turkey on July 26 signed in Rome a tri-partite agreement ensuring a project of creating a European Natural Gas Southern Corridor to transport natural gas from East to the West.
The agreement was signed in Rome by Greek Development Minister Dimitris Sioufas, Italy's Economic Development Minister Pierluigi Bersani and Turkey's Energy & Natural Resources Minister Hilmi Guler.