...

Azerbaijan has become country in which foreign investors believe and invest billions of dollars - official

Oil&Gas Materials 23 February 2023 12:30 (UTC +04:00)
Azerbaijan has become country in which foreign investors believe and invest billions of dollars - official
Sadraddin Aghjayev
Sadraddin Aghjayev
Read more

BAKU, Azerbaijan, February 23. Azerbaijan's oil contracts bring new techs and human resources, along with foreign currency, to the country, Deputy Minister of Economy Sahib Alakbarov said during the event on "Heydar Aliyev’s role in the formation of the competitive economy", Trend reports.

"Azerbaijan has become a country in which foreign investors believe and invest billions of dollars. For example, work is underway to double the capacity of the Southern Gas Corridor until 2027," Alakbarov noted.

He also noted that recently an agreement has been reached on the construction of a thermal power plant (TPP), which will reduce natural gas consumption to a billion cubic meters.

"This thermal power plant will generate 1,280 megawatts of electricity and its construction will take two years. The investments that the parties will make in this project will be returned six years after the commissioning of the TPP,” the official explained.

“Along with this, work is underway to build substations in Jabrayil and Garadagh. Besides, Masdar [UAE energy company], together with Azerbaijan, is implementing onshore and offshore projects which will allow generating up to four, and in the future up to six gigawatts of ‘clean’ energy," he said.

Additionally, Alakbarov said that Azerbaijan, Georgia, Hungary, and Romania have reached an agreement on the export of ‘clean’ energy from the Caspian Sea to Europe.

"Before the end of this year, a feasibility study of this project is expected to be prepared," he stated.

The deputy minister also noted that last year the Sumgayit Industrial Park manufactured goods worth 7.36 billion manat ($4.33 billion), and exported goods worth 2.67 billion manat ($1.57 billion).

"In the industrial zones of Azerbaijan’s Karabakh, and throughout the country, work is underway to register new residents, create jobs, and increase manufacturing," he concluded.

Will be updated

Tags:
Latest

Latest