British Companies Invest $ 30 Billion in Azerbaijan’s Energy Sector

Investments by British companies in the energy sector of Azerbaijan are estimated at $ 30 billion, Azerbaijani President Ilham Aliyev said.

“The energy sector is an important component of our partnership. The investment made by the UK in Azerbaijan has helped us modernize the country. We can say that most of these investments were directed to the energy sector and amounted to $ 30 billion,” Aliyev said yesterday, receiving in Baku the UK State Minister for European Neighborhood and America Wendy Morton.

According to him, these investments allowed Azerbaijan to use oil and gas revenues to diversify the economy.

“Therefore, I am sure that the main direction on which we will focus in the coming years will be the development of the non-energy sector of Azerbaijan,” the head of state said.

Aliyev also noted that 600 companies with British capital are currently registered in Azerbaijan.

The head of state also noted the great potential of cooperation in the field of renewable energy sources. “I know British companies are interested in working on these issues. There is great potential in the fields of solar energy, wind and water. Thus, we are already planning the future of the liberated territories. I have already declared these territories “green zones”. We will use the energy of wind, sun and water. We have already become an electricity exporting country. For this reason, the potential for this is indeed very high. Of course, many other areas are of great importance for cooperation between our countries,” Aliyev concluded.

Caspian Barrel