Azernews.Az

By Amina Nazarli

Baku hosted the Azerbaijan-Poland Business Forum on December 15. The event was co-organized by the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) and the Economy and Industry Ministry.

Businessmen from both countries, representing various sectors of the economy attended the event. They were informed about economic development, favorable investment climate and achievements of Azerbaijan.

Addressing the forum, Natig Aliyev, Energy Minister said that Azerbaijani state energy company SOCAR exported more than 750,000 tons of crude oil to Poland. He added that in 2012, SOCAR exported 485,000 tons of crude oil to Poland, while in 2013 –the figure stood at 523,000 tons.

“Azerbaijani and Poland companies are successfully cooperating in energy, oil and gas, industrial, agricultural and transport fields. SOCAR, which now owns 27.24 percent of the Sarmatia project shares, has expressed its willingness to invest additional funds in the capital of the company to maintain the joint venture operation in 2015-2016," he said.

He further said promising areas for Polish companies in Azerbaijan are food processing, petroleum refining, transport, including railways, electrical supplies and etc. “Moreover, Poland companies are allowed to operate in the industrial and technology parks in Azerbaijan,” Aliyev stressed.

Azerbaijani market is among the ten important markets for Poland, said Polish Economy Minister Janusz Piechocinski.

“Azerbaijan-Poland trade turnover stood at $150 million in 2013. It is 20.6 percent more than 2012. In January-September 2014, the turnover between the two countries increased by 26 percent,” he said.

Piechocinski noted that currently more than 550 Polish companies export their products to Azerbaijan. “Poland considers construction, housing and communal services, transport, agriculture, food industry, energy, environmental protection, chemical industry, transport and logistics fields very perspective for cooperation with Azerbaijan,” the minister said.

He also added that the visit to Sumgayit Chemical Industrial Park will create appropriate grounds for cooperation between the two countries.

The operations of Azerbaijani companies are increasing in Poland in the fields of transport, energy, chemical industry, construction of roads and bridges. "In 2011-2012 the volume of Azerbaijani goods was $4.3 million, in 2013 the volume rose to $19,9 million, and in January-September 2014 it reached $ 24 million," he noted.

Earlier, Sergei Skripka CEO of International Pipeline Enterprise (IPE) Sarmatia said that the authorized capital of IPE is expected to increase in 2015. First, the capital will increase by 10-20 percent. Attracting additional capital will allow the IPE to continue working within the project Brody-Plotsk oil pipeline (Adam's gate). Currently, the authorized capital of the IPE is about five million euros.

The Brody-Plotsk oil pipeline construction project, as an integral part of the Euro-Asian Oil Transportation Corridor, can actually create the conditions to ensure the diversification of oil supplies from one of the most stable region in the world ( the Caspian region ). It is the most promising project in terms of energy supplies.

Sarmatia's shareholders include SOCAR (Azerbaijan's State Oil Company), Georgian Oil and Gas Corporation Ltd. (GOGC), Ukrtransnafta, Polish Przedsiebiorstwo Eksploatacji Rurociagow Naftowych Przyjazn S.A. and Lithuanian AB Klaipedos Nafta with equity participation of 24.75 percent by the key shareholders and one percent for the Lithuanian company.