BP to invest 20bn pounds in Azerbaijan – official
Oil giant BP intends to invest 20 billion pounds (about $31 billion) in Azerbaijan, Britain's Energy Minister Charles Hendry said on Thursday.
Hendry told a news conference on the outcomes of his visit to Baku that the funds will be spent to expand pipeline infrastructure and strengthen security in transporting oil and gas.
BP has invested 20 billion pounds in Azerbaijan so far, according to the minister.
"Overall, Britain is the top investor in Azerbaijan. British companies account for over half of investments made in the country. More than 150 British companies are active here."
Besides the energy sector, he said, Britain plans to place capital in finance, construction and other sectors of the Azerbaijani non-oil economy.
Hendry also said Britain was ready to cooperate with Azerbaijan in developing solar and wind energy and that such cooperation was "realistic".
The minister said that during his visit discussions also covered construction of a new oil refinery in Azerbaijan. He said that British Shaw Group was interested in the project.
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