Azerbaijan risks significant economic shocks in the future if it continues to rely heavily on oil and gas as the main pillar of its economy, a new report from the International Energy Agency (IEA) warns. The post-Soviet development of Azerbaijan’s substantial energy reserves, and the construction of new pipelines to transport them to European markets, allowed the country’s economy to grow by a staggering 2,178 percent between 1995 and 2014.
But, the IEA’s 160-page report warns, global energy markets are changing rapidly. The industrialized…Azerbaijan Desperately Needs To Diversify Its Energy Portfolio
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