Armenia issue hampering business, Socar says

Armenia issue hampering business, Socar says

Armenia issue hampering business, Socar says

Socar Turkey CEO Kenan Yavuz.

The Armenian stance in the Nagorno-Karabakh dispute and the behavior of Greek Cyprus are negatively affecting the energy business in the Caucasus and Mediterranean regions, Azerbaijan’s state-run oil firm Socar’s Turkey Chief Executive said yesterday during a speech at the Eurasia Summit’s energy session.

“What damages stability in the Caspian Sea region the most is Armenia’s invasive position in Azerbaijani land,” Kenan Yavuz said. “This is harming them the most. Greek Cyprus’ unlawful behavior in the East Mediterranean is also causing problems.”

The changing dynamics of the energy market are currently seeing the rise of three new structures, he told guests at a session, referring to the Caspian Sea, the Eastern Mediterranean and Iraq. When production and consumption points converge, whoever will be making the decisions and taking the proactive position will be the winner, he added.

Turkey will be the eventual destination for energy transportation, Yavuz said, describing the country as a potential “energy corridor.”

“Turkey will be the obligatory course,” Yavuz said. “We are now faced with a situation where all the roads lead to Turkey, and the country has a claim to be an energy corridor.”