(EU COMMISSION) On 7 November 2006 a memorandum of understanding on energy cooperation was signed between Azerbaijan’s President Ilham Aliev and European Commission President Jose Manuel Barroso. The agreement is a further indicator of the EU’s policy to diversify energy suppliers throughout the region in order to secure supply to the European market. For European consumers, the Caspian energy reserves and the pipelines that bring the oil and gas to Europe’s doorstep are increasing in importance. The EU currently imports 50% of its energy needs but that figure is set to rise to 70% by 2030.
