"Now traditional Caspian Oil and Gas Exhibition and Conference and now Baku Energy Week, of course, will address all these important issues, oil supplies, how to increase oil supplies. Because now Azerbaijan is also providing important transit facilities for other countries. And this potential also can be used to maximum degree. Unfortunately, it was not used to the maximum degree. Unfortunately, the potential of Azerbaijan as an important transit country was underestimated by potential suppliers, but I think now they changed their mind, because everybody understands that diversification is one of the important factors of energy security," President of Azerbaijan Ilham Aliyev said at the official opening ceremony of the 27th International Caspian Oil and Gas Exhibition within the Baku Energy Week, News.az reports.

"And we worked on diversification from the very first day of our energy strategy. Therefore, we have diversified export routes, three oil pipelines to different directions, four gas pipelines to different directions, electric lines. We export electricity to four neighboring countries and plan to export electricity to Europe and for that we want also to activate the Zangazur corridor, which could be an important transportation route, not only for cargoes, but also for electricity. We are working on that and already started practical investment. So, diversification for all is important. Therefore, I think, now those who underestimated the potential of Azerbaijan as a reliable transitor, now will change their mind and we see initial hints of that, and we are ready. We are ready to help everyone who needs help. We are ready, because we have a political will. Our policy is always aimed at building bridges, strengthening cooperation. And plus, we have infrastructure we have brand new seaport. We have railroads connecting us with all destinations, highways, a number of international airports. After we complete three international airports construction, one already has been completed, in the liberated territories will be nine, and a geographical location.

So, transit potential of Azerbaijan also should be taken into account while we are planning our future plans with respect to oil and gas cooperation," noted the head of state.