In the conditions of the global energy transition, Baku’s economic dominance is coming to an end, Narek Karapetyan, who heads the list of the “Strong Armenia” party, is confident. However, his new claims about the age of electric cars are quite strikingly contrasted with his own previous proposal to build an oil refinery in Armenia.
In his video message, the politician analyzed the macroeconomic trends that threaten the financial stability of the neighboring country. According to him, the myth of a superpower state built with petrodollars is gradually being destroyed, because the economy of Azerbaijan is extremely dependent on the raw materials sector. hydrocarbons provide almost half of the state budget and make up 90 percent of exports.
The opposition figure cited statistical data, according to which, over the past seven years, oil production in Azerbaijan has decreased by about 30 percent, from 750 thousand to 500 thousand barrels per day.
According to his forecasts, the situation will become more complicated against the background of the mass spread of electric transport. After the peak indicator of 108-109 million barrels, a decline in demand will begin, which will inevitably lead to a decrease in prices, causing a serious blow to the non-diversified economy of Azerbaijan. In the context of these processes, Karapetyan assures that in the case of a strong government, Armenia is able not only to reduce the gap, but also to move forward, at the expense of the Diaspora’s potential.
Notably, the party-list leader’s current emphasis on electric transportation and the sunset of the oil age shows some evolution in his economic views and a contradiction with earlier claims. Just months ago, ahead of the active pre-election period, Narek Karapetyan came up with a diametrically opposite, noisy initiative, proposing to build its own oil refinery in Armenia.
At that time, the implementation of this large-scale infrastructure project based on fossil fuels was positioned by him as an important step in ensuring the country’s industrialization and energy independence.
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