By Ofeliya Afandiyeva
In 2019, the volume of Azerbaijan's oil exports to Italy increased by 7 percent year-on-year to reach 11,470,595.61 tons, local media reported. Italy was delivered $5,536,752.34 (an increase of 5.1 percent) worth of oil by Azerbaijan.
The share of supplies to Italy accounted for 37.2 percent in the total volume of oil exports for 2019.
During the fifth meeting of the Azerbaijan-Italy Intergovernmental Commission on Economic Cooperation on January 15, Azerbaijani Energy Minister Parviz Shahbazov stressed that the main area of economic partnership with Italy is the energy sector. Over the past two years, Azerbaijani State Oil Company (SOCAR) delivered 15.9 million tons of crude oil, 189,000 tons of oil products and 43,700 tons of petrochemical products to Italy.
“This year, the Southern Gas Corridor will be commissioned, which is of strategic importance for ensuring the energy security of our partner countries and Europe. The project’s implementation at over 90 percent is also an indicator of support from the Italian government. We believe that together, we will ensure the timely completion of the Trans Adriatic Pipeline (TAP) project. Efforts will be made to address issues such as safe, diversified and competitive energy supplies, as well as the issue of decarbonization,” Shahbazov said.
The minister added that so far, Italy has invested $770 million in Azerbaijan’s economy, and Azerbaijan invested $1.7 billion in Italy’s economy.
Moreover, recently, the head of the Italian financial and banking association Cassa Depositi Prestiti SpA Giovanni Gorno Tempini urged that trade turnover between the two countries was $ 6 billion in 2019.
The major buyers of Azerbaijani oil in 2019 also included:
Israel – 2,777,971.69 tons ($ 1,328,417.04);
India – 1,934,861.98 tons ($ 952,928.99);
Germany – 1,919,973.96 tons ($ 905,730.41);
Spain – 1,489,891.29 tons ($ 701,714.48);
China – 1,414,187.91 tons ($ 714,127.51);
Czech Republic – 1,336,960.54 tons ($ 645,970.38);
France – 1,078,87.05 tons ($ 528,008.32).
Generally, in 2019, Azerbaijan exported about 31.24 million tons of oil which is 4.3 percent less compared with the indicator for 2018, according to the State Statistics Committee’s report.
In the reporting period, the value of the oil exported from the country made up US$ 14.45 billion and this indicator decreased by 11.6 percent in comparison with 2018.
Note that the mentioned indicators have been published on the basis of the data provided by SOCAR and Azerbaijan International Operating Company (AIOC).
Follow us on Twitter @AzerNewsAz