British companies interested in "green" energy projects in Karabakh

British companies are interested in green energy projects in the liberated territories of Azerbaijan.

Azerbaijani Economy Minister Mikayil Jabbarov held a meeting with Baroness Emma Nicholson, trade envoy of the British Prime Minister for Azerbaijan, the Ministry of Economy told Report.

Jabbarov noted that economic cooperation between the two countries is expanding, the documents signed by the parties create favourable conditions for the active participation of British investors in various areas of the economy of Azerbaijan, and Britain is a leader in terms of investment in Azerbaijan.

The sides exchanged views on projects implemented in the energy sector, the creation of a working group between the Ministry of Economy and the British Chamber of Commerce in Azerbaijan, participation of British companies in the projects carried out in the areas released from the occupation.

On April 26, 2018, Azerbaijan State Oil Company (SOCAR) and bp signed a new production sharing agreement (PSA) for the joint exploration and development of Block D230 in the North Absheron basin in the Azerbaijan sector of the Caspian Sea. The PSA was signed in London, in the presence of UK Prime Minister Theresa May and Azerbaijan’s President Ilham Aliyev.

The United Kingdom remains the single largest foreign investor in Azerbaijan with about 600 British companies operating in the country. Up until now, the UK invested more than USD 27 billion in Azerbaijan which accounts for 51.7 per cent of all foreign investments in Azerbaijan. In 2019, the trade turnover between Azerbaijan and the UK was GBP 903 million.