Source: Xinhua| 2017-06-01 02:03:29|Editor: Mu Xuequan

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BAKU, May 31 (Xinhua) -- "Azerbaijan is the only new source of energy for Europe," Azerbaijani President Ilham Aliyev said here on Wednesday.

He made the remarks while addressing the opening of the 24th International Caspian Oil and Gas Exhibition and Conference and the 7th Caspian International Power and Alternative Energy Exhibition in Baku.

Aliyev said Azerbaijan plays an important role in the sphere of energy security both in the region and in Europe.

"The steps we are taking in the direction of energy diversification pay off, and this is also very important," Aliyev said.

Dwelling on the implementation of the Southern Gas Corridor (SGC) project, the president said this project holds the first place among the infrastructure projects in Europe.

"Estimated at 40 billion U.S. dollars, SGC project will pave the way for other projects, in particular for the development of Absheron gas and condensate field," he said.

"Azerbaijan shows its political will here, and also makes economic and financial contribution to the South Gas Corridor project. It will strengthen our long-term development, and will bring us additional big income," the president added.

The exposition highlights a wide range of equipment, services and innovative technologies in the spheres of oil production and transportation of energy resources.

About 300 exhibition participants represent 30 countries, including Azerbaijan, China, the U.S., Belarus, Belgium, Spain, Italy, Kazakhstan, the Netherlands, Poland and Japan.