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UK leads with larger investment in Azerbaijan, says Energy Minister

13 June 2024 10:21 (UTC+04:00)
UK leads with larger investment in Azerbaijan, says Energy Minister
Nazrin Abdul
Nazrin Abdul
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During an event celebrating the official birthday of Britain's King Charles III, Azerbaijani Energy Minister Parviz Shahbazov highlighted that the UK is the largest foreign investor in Azerbaijan, with total investments exceeding $35.9 billion, Azernews reports.

"The UK has been a strategic partner from the beginning, playing a crucial role in Azerbaijan's development through its investments and support in the energy sector. The United Kingdom remains the largest foreign investor in our country, with total investments surpassing $35.9 billion," Shahbazov stated.

He noted that investments and trade are growing as cooperation expands, with trade turnover increasing by 16% in the first three months of this year.

"Our long-term and productive cooperation in the energy sector is vital for global energy security. Initiated in 1994 with the "Contract of the Century," our energy collaboration has ensured the success of major projects. The Southern Gas Corridor has solidified Azerbaijan's position as an energy supplier to Europe. The commencement of mining at the "Central East Azeri" field, marking the 30th year of our partnership with bp on the "Azeri-Chirag-Guneshli" project, is another significant milestone," he added.

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