SCO member states invest over $12 billion in Azerbaijani economy

ECONOMICS  04 October 2023 - 21:09

Azerbaijani Energy Minister Parviz Shahbazov has taken part in the first Energy Forum of the Shanghai Cooperation Organization (SCO) as part of “Kazakhstan Energy Week - 2023/XV Eurasian Forum KAZENERGY” event via videoconference.

While delivering a speech at the forum, the minister emphasised that the rich oil and gas fields, the potential of green energy, important global energy and transport corridors, as well as export infrastructure in the energy sector, possessed by the countries united under the SCO’s auspices and holding a significant position in the structure of world energy production and consumption are assessed as great opportunities for cooperation in a multilateral format, according to Azertac.

He spoke about the strategic importance of President of Kazakhstan Kassym-Jomart Tokayev’s initiative to prepare a SCO energy strategy.

The energy minister noted that Azerbaijan, being an SCO dialogue partner, attaches great importance to the development of relations with this organisation.

He noted that the current geopolitical situation of Azerbaijan and successful policy related to ensuring sustainable security, stability and development environment in the region are favourable for cooperation with the organisation in a new status.

“These days, the world has once again witnessed the determination and integrity of Azerbaijani President Ilham Aliyev, in the fight against terrorism, extremism and separatism, which is one of the SCO's main priorities. After the restoration of Azerbaijan's sovereignty, a new era, which removed obstacles that had hampered the great development process and ensured peace in the region, began. Wide opportunities have appeared for cooperation in using the energy, transport and logistics potential of the region,” Shahbazov said.

The minister added that Azerbaijan's trade turnover with the SCO member states last year increased by 45.8 per cent and amounted to over $9 billion. The share of these countries in Azerbaijan's foreign trade was 17 per cent in 2022. SCO member states have invested more than $12 billion in the Azerbaijani economy. Azerbaijan, in turn, invested $3.2 billion in the economies of SCO member states.

The new ties of cooperation with the SCO member states in the field of traditional and renewable energy were discussed during the speeches.

Implementation of two GW green energy projects with China, LNG supplies to Pakistan through SOCAR Trading, intensification of energy cooperation between Azerbaijan and Uzbekistan, as well as corresponding documents related to the involvement of the State Oil Company of the Azerbaijan Republic (SOCAR) and Uzbekneftegaz in oil and gas projects in both countries, as well as the signing of the “Road Map” for 2023-2025 between the ministries, the transportation of Kazakh oil via the Baku-Tbilisi-Ceyhan (BTC) were mentioned as examples.

“About 609,000 tons of Kazakh oil were transported via the BTC system in April-September 2023. Some 493,000 tons out of this volume were sent to the world market from the Ceyhan port. By the end of the year, this volume will reach 1.1 million tons,” the minister added.

The first SCO Energy Forum is dedicated to strategic approaches to developing energy cooperation among the SCO’s member states, taking into account global challenges.

Caliber.Az