Energy minister: Italian investments in Azerbaijan hit $805 million

Azerbaijan’s Energy Minister Parviz Shahbazov announced that Italian investments in the country have reached $805 million so far.

He made remarks at the sixth meeting of the Azerbaijan–Italy Intergovernmental Commission on Economic Cooperation held in Baku, highlighting that Italy represents 46.7% of Azerbaijan's exports, Caliber.Az reports via local media.

"So far, investments from Azerbaijan to Italy amount to $342 million, while Italian investments in Azerbaijan total $805 million. Undoubtedly, there is significant potential in this area. Currently, the market value of the State Oil Fund of Azerbaijan's (SOFAZ) investment portfolio in Italy stands at $2.8 billion," the minister noted. 

He added that finalising an agreement on the promotion and mutual protection of investments is a top priority for further increasing these numbers.

Shahbazov also noted that last year, Azerbaijan remained Italy's top crude oil supplier and second-largest natural gas supplier, exporting 10.34 million tons of oil via SOCAR and 9.5 billion cubic meters of gas. As Azerbaijan's largest oil and gas buyer in Europe, Italy takes roughly 45% of the country's total oil exports and 38% of its gas exports.

Building on this energy partnership, Shahbazov highlighted that Italian companies are playing a key role in renewable energy projects in Azerbaijan’s liberated territories, where solar and wind potential exceeds 10,000 megawatts. Firms like Ansaldo Energia are involved in building substations and restoring energy infrastructure, supporting Azerbaijan’s transition to green energy.

The minister emphasised that cooperation opportunities extend beyond energy, including agriculture, industry, transport, and logistics. He noted that Italy’s advanced technologies, combined with Azerbaijan’s favourable business environment, could drive joint success in these areas as well.

Looking ahead, Shahbazov said that Azerbaijan and Italy plan 65 joint initiatives across 18 sectors in 2026–2027. He added that political consultations between the two countries are also scheduled, reflecting the strategic level of their bilateral relations. 

By Jeyhun Aghazada