Foreign companies invested $50bln in Azerbaijan's oil industry: SOCAR head
Foreign companies have invested $50 billion in Azerbaijan's oil industry, head of Azerbaijan's state oil company SOCAR, Rovnag Abdullayev, said in an interview to The Business Year.
According to him, there is a favorable environment for foreign companies to invest in Azerbaijan. There is legal and regulatory framework available to promote and protect foreign investment.
"To date, foreign companies have invested $50 billion in the country's oil industry, and not a single energy agreement has been breached or amended," Abdullayev said.
A prime example of successful cooperation with foreign companies are such projects as the Azeri-Chirag-Guneshli block of oil and gas fields and the Shah Deniz gas condensate field.
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