Crude Oil, Petroleum Products Form Bulk Of Azerbaijani-Romanian Trade Turnover - Minister

(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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