BAKU, Azerbaijan, Apr.15
By Leman Zeynalova – Trend:
Hopefully, new projects will come for Spanish companies in the petrochemical sector of Azerbaijan, the Ministry of Foreign Affairs of Spain told Trend.
“Some Spanish companies are already working in Baku's refinery modernization and we hope new projects will come for Spanish companies in the petrochemical.
There is great potential in our economic and trade relationship. The focus is on energy, infrastructure, telecommunications, transport, agriculture and tourism. There are also good opportunities in various sectors of interest, such as construction and building materials, architecture and urban planning, the renewal of electric power plants and also the medical sector and hospitals network.
Bilateral trade flows are slowly recovering after the decline produced by the pandemic ,we trust that once the COVID-19 crisis is over, we will be able to take up again our engagement to work closely with the Government of Azerbaijan in order to increase the bilateral economic, trade and investment ties and to exploit the existing potential.
Since January 2021, Spanish exports to Azerbaijan amount to 6 M €. Imports amount to 31 M €, 60% less than in the same period of the previous year. The trade deficit in this period is -25 M €, 70% less than in the same period of the previous year. The level of coverage is 20 percent,” the ministry said.
Azerbaijan exported over 1 million tons of crude oil to Spain in 2020, which is 32 percent less compared to 2019, according to the State Statistical Committee of Azerbaijan.
During the past year, 28.4 million tons of oil (together with condensate) were exported from Azerbaijan. Compared to 2019, the volume of oil exports (together with condensate) decreased by 2.9 million tons or 9.2 percent. Spain’s share in exports from Azerbaijan amounted to 3.5 percent.
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