Azerbaijani president, bp CEO discuss long-term energy partnership, investment Photo

Azerbaijan’s President Ilham Aliyev has held talks with bp Chief Executive Officer Meg O’Neill in Baku, focusing on the strategic partnership between Azerbaijan and BP, future energy cooperation, and the country’s role in regional and European energy security.

During the meeting on May 12, President Aliyev congratulated O’Neill on her appointment as CEO and expressed confidence that cooperation between BP and Azerbaijan’s state oil company SOCAR would continue to strengthen under her leadership. President Aliyev noted that the country and bp have had a rare history of partnership for more than 30 years, Caliber.Az reports via state media. 

The Azerbaijani president noted that revenues generated from joint oil and gas projects have primarily been directed toward Azerbaijan’s socio-economic development. He stressed that the expansion of joint initiatives demonstrates a mutually beneficial and strategic relationship between the two sides.

In turn, Meg O’Neill expressed her appreciation for the meeting, saying she was honoured to visit Baku. She also praised the leadership of National Leader Heydar Aliyev and President Ilham Aliyev for their role in directing hydrocarbon revenues toward national development.

During the discussions, O’Neill pointed to visible infrastructure development in Azerbaijan, including improvements in roads and urban projects supported by energy revenues.

The Azerbaijani head of state then said Azerbaijan’s experience contrasted with other resource-rich countries where energy revenues can sometimes lead to social inequality. In the case of Azerbaijan, however, this has helped the country's progress. He also recalled that the “Contract of the Century” was signed shortly after Azerbaijan restored its independence.

President Aliyev also noted that the situation in Azerbaijan was difficult after the First Karabakh War, stressing that the country had lost its territories and faced a humanitarian disaster. He stressed that at that time, the budget was at a zero level, and the only way out of this situation was to attract major international companies to the country and convince them to invest. President Aliyev expressed his gratitude to bp for the trust it placed in him in this regard.

The meeting also reviewed ongoing bp projects in Azerbaijan, including renewable energy initiatives and developments in the country’s liberated territories.

Both sides underlined Azerbaijan’s growing role in ensuring Europe’s energy security and discussed prospects for further SOCAR–bp cooperation in the energy sector.

By Sabina Mammadli