Italian companies have invested $596 million in Azerbaijan's oil and gas sector, the Azerbaijani Energy Minister Parviz Shahbazov said at an event on the occasion of the 73rd anniversary of the proclamation of the Italian Republic
Minister: Italian companies invested almost $600M in Azerbaijan's oil&gas sector
The minister noted that Italy is the main trade partner of Azerbaijan.
"Italy is an important country for Azerbaijan due to its support for Azerbaijan in the Nagorno-Karabakh conflict, as well as it role in the development of relations between the EU and Azerbaijan," he said.
Shahbazov noted that the volume of mutual trade between the two countries, as well as exports from Azerbaijan to Italy increased over the last year.
"Investments of Italian companies in the Azerbaijani economy to this day amounted to $767 million. Meanwhile, investments of Azerbaijani companies in Italy amounted to $135 million," Shahbazov said.
The minister noted that the Trans-Adriatic Gas Pipeline (TAP) project, which brings the two countries together, has now been completed by over 87 percent. He expressed confidence that the year 2020, when the project will be launched, will be a historic year in the cooperation of the two countries.
TAP worth 4.5 billion euros is a part of the Southern Gas Corridor, which is one of the priority energy projects for the European Union. The project envisages transportation of gas from Azerbaijan's Shah Deniz Stage 2 to the EU countries.
TAP will be 878 kilometers in length (Greece 550 kilometers, Albania 215 kilometers, Adriatic Sea 105 kilometers, and Italy 8 kilometers).
TAP’s shareholding is comprised of BP (20 percent), SOCAR (20 percent), Snam S.p.A. (20 percent), Fluxys (19 percent), Enagás (16 percent) and Axpo (5 percent).