Saudi Arabia ready to invest in Azerbaijan’s oil sector

Business Materials 10 December 2013 14:40 (UTC +04:00)
Saudi Arabia is ready to invest in Azerbaijan’s petrochemical and refining industry.
Saudi Arabia ready to invest in Azerbaijan’s oil sector

Baku, Azerbaijan, Dec.10
By Huseyn Valiyev - Trend:

Saudi Arabia is ready to invest in Azerbaijan's petrochemical and refining industry, head of Saudi Arabian General Investment Authority Abdullatif Al Othman said at the Azerbaijan-Saudi business forum held in Baku on Dec.10.

"Azerbaijan is an economically developed country and there is every opportunity for the expansion of cooperation in many spheres including tourism and within socially oriented projects," the organisation head said.

All these sectors of Azerbaijan's economy are attractive for investments from Saudi entrepreneurs and the holding of business forums contribute towards the development and strengthening of bilateral relations, according to Al Othman.

"Our delegation includes representatives of both the public and private sectors. We should not confine ourselves only to economic relations. Today we are bound by ties in the sphere of religion, education and many others. Therefore we also intend to develop relations in the social sphere," Al Othman said.

When considering the trade turnover between the two countries, currently the figures are not so high, Al Othman said. Meanwhile, the head of the investment organisation believes that Saudi Arabia is aiming towards bringing this figure to the level of the current potential of the two countries.

Translated by L.Z.

Edited by S.M.