President: Azerbaijan is not affected by the Hormuz crisis with respect to the supply chain

President: Azerbaijan is not affected by the Hormuz crisis with respect to the supply chain

Azerbaijan is not affected by the Hormuz crisis with respect to the supply chain, Azerbaijani President Ilham Aliyev said in an interview with Euronews on May 18.

"Because our policy of diversification of energy supplies and routes is not a policy of today. For many years, we have been pursuing it and we managed together with our partners, with the neighbors, to build a diversified supply chain, whether itchr("39")s oil, gas, electricity, or connectivity," President Ilham Aliyev said.

"Of course, what is happening now in the Middle East, to a certain degree, influences everybody because some may think that a high oil price could be beneficial. Yes, it is. But at the same time, countries which are rich in oil reserves, many of them are investing in the treasuries. Many of them are investing in stock markets. And when this turbulence happens, the stock market goes down. So we lose money from our investments while earning a little bit from the high oil price. So everybody is affected by that," the Azerbaijani leader said.

"But from the point of view of our own energy projects, no, we are on the safe side. And we always, as you mentioned, advocate for diplomacy. Without diplomacy, we wouldnchr("39")t have been able to deliver our resources to the markets. Because we had to go across countries, to have good relations with neighbors, with neighbors of the neighbors, establish a multilateral format of cooperation, create a win-win situation between producers, transitors, consumers, so everyone obeys the rules and everyone gets a profit," Ilham Aliyev added.

"So from this point of view, I think the experience of Azerbaijan can be useful. After the crisis is resolved, hopefully sooner than later, probably it will be a new situation. Many countries will reconsider their energy policy and the ways of delivery of energy supplies. And most probably, Azerbaijanchr("39")s geography and already assets will be needed more than today."