(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 1. Crude oil and
petroleum products account for more than half of the volume of
trade turnover between Azerbaijan and Romania, Azerbaijani Energy
Minister Parviz Shahbazov said, Trend reports.
He spoke at an event dedicated to Romania's national
holiday.
"Our countries' successful political ties lead to the expansion
of economic collaboration and the diversification of trade and
economic cooperation. The two countries' trade turnover climbed by
48 percent in the first nine months of this year, reaching $526
million. With a 56.5 percent share, crude oil and petroleum
products take the lead. For many years, Azerbaijan has exported
crude oil to Romania," the minister said.
He stated that SOCAR's (Azerbaijan's national oil company)
expanding activities in Romania, including the establishment of 74
gas stations and various fuel depots in 28 districts of the
country, are evidence of mutually beneficial energy
cooperation.
"In the field of energy supply, our energy cooperation is now
diversifying and gaining a pan-European dimension." The minister
underlined that "gas deliveries between SOCAR and Romgaz SA, the
Black Sea LNG project, the Ring of Solidarity initiative, and our
collaboration on the Caspian-Black Sea-Europe green energy corridor
open up broad prospects for strengthening Azerbaijani-Romanian
energy relations."
Shahbazov went on to say that these projects allow Romania to
serve as a transit point for other European nations while also
becoming a consumer of Azerbaijani gas and green energy. Romania's
participation in the Green Energy Corridor project, in particular,
and the prospect of its engagement in the transmission of
electricity from Central Asia to Europe via this corridor will
strengthen the country's strategic relevance in the future.
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