Azerbaijan And Italy Discuss Energy Cooperation
Date
9/18/2024 8:16:29 AM
(MENAFN- AzerNews)
Nazrin Abdul
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Cooperation relations between the energy systems of Azerbaijan
and Italy were discussed, Azernews reports citing
AzerEnergy.
Chairman Balababa Rzayev met with Italian ambassador to
Azerbaijan, Luca di Gianfrancesco. They discussed cooperation in
energy, President Ilham Aliyev's recent visit to Italy, and its
contributions to the energy sector. The participation of Italian
company "Ansaldo Energia" and other firms in ongoing and future
energy projects in Azerbaijan was also addressed.
It should be noted that the relationship between the parties is
characterized by a mutually beneficial partnership based on respect
for each other's interests. Azerbaijan and Italy have long-standing
traditions of cooperation, particularly in the economic field, and
their relations are currently at a high level. The recent visit of
the head of state is an indicator of the strengthening economic and
political ties.
One of the main aspects of economic relations between Azerbaijan
and Italy is trade. With a mutual trade turnover exceeding $6
billion, Italy is one of Azerbaijan's key trade partners.
Cooperation in energy has reached a particularly high level.
Since gaining independence, Italy has invested over $770 million
in Azerbaijan's economy, while Azerbaijan has invested $1.7 billion
in Italy, reflecting successful investment cooperation.
Notably, traditional energy trade is a significant component of
their relationship. Both countries are successfully implementing
major projects in the oil and gas sector, with Italy becoming the
largest trading partner for Azerbaijan's crude oil and oil
products.
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