The First Eurasian Conference organized by the International Association for Energy Economics (IAEE) to focus on the energy economics emerging from the Caspian region has kicked off today in the capital city of Azerbaijan.

The members of the Council of the International Association for Energy Economics approved the decision on the 39th IAEE Conference in Baku.

Speaking of the goal of the conference, Gurkan Kumbaroglu, President of International Association for Energy. Economics (IAEE) said: “The Caspian region is affected by falling oil prices. The great energy potential of Caspian region brings lots of question about challenges and opportunities. Key players from business, academia, and government gathered together to discuss oil & gas dynamics and expectations, the economics of unlocking the rich oil and gas reserves of the Caspian region and many others.”

Azerbaijan’s deputy energy minister Natig Abbasov informed about the history of oil production in the country, noting the importance of the “Contract of the Century”, highlighted the latest achievements in construction of oil transportation, in particular, the South Gas Corridor project, its importance in diversification of oil transportation routes.

The conference one of the media sponsors of which is AZERTAC is attended by 56 speakers from 24 world countries. The conference will end on August 31.