UK allocates £1.3 billion worth of funds in oil and gas sector of Azerbaijan in 2016-2017

  05 February 2018    Read: 1414
UK allocates £1.3 billion worth of funds in oil and gas sector of Azerbaijan in 2016-2017
The UK Government has allocated some £1.3 billion worth of funds within a framework of implementation of Oil & Gas High Value Campaign (HVC) in Azerbaijan in 2016—2017, according to the Overseas Business Risk – Azerbaijan report.  

The renewed "Overseas Business Risk – Azerbaijan" report of the Department for International Trade of the UK Government (DIT), which is aimed at providing the businesses keen to operate in Azerbaijan with necessary information.

“Oil and gas is by far the largest sector in Azerbaijan and therefore currently attracts the most DIT attention. Azerbaijan is the second most successful country where DIT HVC project is implemented. Since October 2015, in order to promote and support the HVC, DIT, along with the Ministry of Economy, BP and SOCAR, runs the UK and Azerbaijan Partnership program between UK and Azerbaijani companies in the oil and gas sector,” the report says.

The report also highlights partnership relations between BP and the Government of Azerbaijan, saying that recently signed agreement on extension of the Azeri Chirag Gunashli (ACG) PSA Agreement until 2050 by the Azerbaijani government will lead to significant new business relations in the oil and gas sector of Azerbaijan both for resident and new UK companies.

The HVC program identifies large scale overseas projects and aims to provide an intensive level of support to help UK businesses win contracts in and around these opportunities.


More about: #Azerbaijan   #UK