Azernews.Az

By Aygul Salmanova

Running alongside the UK-Azerbaijan Partnership Programme, a pioneer and leading UK lubricants manufacturer and distributor Millers Oils Ltd opened its new facilities in Baku on November 23, jointly established with Azerbaijan National Academy of Science (ANAS) in the High Technology Park.

Opening the ceremony President of ANAS Akif Alizade stressed that he highly appreciates the cooperation with the Millers Oils Ltd. and said that this cooperation is aimed at strengthening the links between science and production, bringing research in the field of applied sciences in line with the needs of the market.

The British Ambassador to Azerbaijan Carol Crofts stressed on the future aspects of the cooperation between the two countries.

Great Britain and Azerbaijan are waiting for a long-term productive cooperation in the energy sector, noted the diplomat.

The cooperation of the Azerbaijani Academy of Sciences with Millers Oil is a huge step for the production potential of Azerbaijan and has already led to the use of the latest technologies in Azerbaijan, Crofts said.

The diplomat added that Azerbaijan’s export potential and the number of the country's energy specialists will undoubtedly increase as a result of this cooperation.

The ambassador also congratulated Azerbaijan with the extension of the "Contract of the Century", which will allow the country as well as the country’s people to fully use energy resources.

Executive Director of Millers Oils LTD Jemi Rhein and other officials also attended the opening ceremony.

A wide range of products will be produced as a result of cooperation between UK and Azerbaijani specialists, Ryan noted. He added that Azerbaijan will be able to further export those products in the region.

The UK and Azerbaijan enjoy cooperation in different spheres such as education, trade, tourism, ICT, as well as other infrastructure and transit projects.

The cooperation in the energy sector is currently the key factor of the bilateral economic relations between the two countries. Azerbaijan cooperates with the United Kingdom in the field of exploration and transportation of oil and natural gas from the Azerbaijani sector of the Caspian Sea.

BP as a leading oil company, which has launched its operations in Azerbaijan in 1992, participates in the main production sharing agreements such as the “Contract of Century” (Azeri-Chirag-Guneshli) and the Shah Deniz project.

It is noteworthy that this year BP and its partners in Azerbaijan's giant ACG oil production complex agreed to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own share.

The trade turnover between Azerbaijan and Great Britain amounted to almost $82.67 million in January-April 2017.

Thanks to the reliability as a partner, Azerbaijan has attracted British investment amounting to more than $23 billion in its national economy.