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Most of UK investment in Azerbaijan is in oil and gas sector - Minister

7 December 2023 14:18 (UTC+04:00)
Most of UK investment in Azerbaijan is in oil and gas sector - Minister
Abbas Ganbay
Abbas Ganbay
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Most of the UK's investments in Azerbaijan are directed to the oil and gas sector, Azernews reports, citing Azerbaijani Energy Minister Parviz Shahbazov telling at a meeting of the Joint Intergovernmental Commission on Economic Cooperation between the Government of the Republic of Azerbaijan and the Government of the United Kingdom of Great Britain and Northern Ireland.

"From 1995 to the first half of 2023, Azerbaijan's investments in the UK totaled $2bn. During this period, the UK invested $35bn in Azerbaijan, $33 bn of which was directed to the oil and gas sector," the minister said.

Azerbaijan and the UK will sign an agreement on partnership and cooperation shortly and the minister noted that the agreement will serve as a basic document for deepening bilateral dialogue and cooperation.

"More than 30 representatives of 25 state-owned enterprises are taking part in today's meeting, which is of great interest and importance for our current and future bilateral cooperation. The Intergovernmental Commission plays an important role during our most important political, economic, and humanitarian negotiations. In addition to strengthening current cooperation, the dialogue serves the interests of our countries and will open up new opportunities," said Parviz Shahbazov.

The Minister pointed out that the mutually beneficial cooperation in the political, economic, energy, and humanitarian spheres would be continuously enriched and strengthened by the new opportunities. The documents signed between the two countries create a favorable political and legal basis for the growing development of our relations, and official visits and meetings further strengthen this cooperation.

It should be noted that the Commission is co-chaired by Azerbaijani Energy Minister Parviz Shahbazov and British Minister of State for Export Affairs Lord Malcolm Offord.


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