The market value of the investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) in Italy stands at $2.8 billion, Azerbaijan’s Minister of Energy Parviz Shahbazov said during his speech at the 6th meeting of the Azerbaijan–Italy Intergovernmental Commission on Economic Cooperation, APA-Economics reports.
According to the minister, investments from Azerbaijan to Italy have amounted to $342 million to date, while Italian investments in Azerbaijan total $805 million.
Shahbazov emphasized that, in order to increase these figures, the signing of an agreement on the promotion and mutual protection of investments, alongside joint projects, is of particular importance.
The minister noted that last year Italy was supplied with 10.34 million tons of oil and a total of 9.5 billion cubic meters of gas solely through SOCAR. He added that so far, 54.3 billion cubic meters of gas have been transported to Europe via the Trans Adriatic Pipeline (TAP), of which 45.4 billion cubic meters were delivered to Italy.
It was also highlighted that Italy’s CESI SpA is acting as Azerbaijan’s consulting partner in the preparation of feasibility studies for the “Caspian–Black Sea–Europe” and “Central Asia–Azerbaijan” green energy corridor projects.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
