94.1% of British investments in Azerbaijan are spent on the oil and gas sector

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In 2019, the trade turnover between Azerbaijan and the UK increased by 34% and amounted to USD 704.6 million, stated at the Fourth meeting of the Azerbaijani-British Intergovernmental Commission on Economic Cooperation in Baku the local co-chairman of the structure, Energy Minister Parviz Shahbazov.

The Minister noted that the successful 30-year cooperation between Azerbaijan and Great Britain in the oil and gas sector has entered a new stage of development in accordance with the new challenges of the global energy sector. 

“Of the $ 30.6 billion of investments made by the United Kingdom in the Azerbaijani economy, $ 28.8 billion is in the energy sector”, the Minister said.

• British BP opened an office in Baku in 1992. It is the largest investor among foreign companies in the oil and gas sector of Azerbaijan.

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