$89 billion of foreign investments have been invested in the oil and gas sector of Azerbaijan

To date, 89 billion US dollars of foreign investments have been invested in the oil and gas sector of Azerbaijan, Azerbaijani Energy Minister Parviz Shahbazov said at the conference “Heydar Aliyev and Independent state Building in Azerbaijan: History and modernity of socio-economic transition”.

“Gas supplies from Azerbaijan to Europe, the route of this export, the importance of energy cooperation was accurately described by Heydar Aliyev back in the 90s. He said that the gas pipeline should be conducted from the Caspian Sea to Turkey. This is also necessary for European countries geographically located after Turkey,” the minister said. According to Shahbazov, 615 million tons of oil, 42 million tons of condensate, 399 bcm of natural gas were produced at the Azeri-Chirag-Guneshli and “Shah Deniz” fields. Of this volume, 613 million tons of oil and condensate, as well as 135 bcm of gas were exported. “As a result, Azerbaijan made a profit of $176 billion,” the Energy Minister stressed.

Caspian Barrel