Minister: Azerbaijan doubled non-oil, gas exports over four years

Azerbaijan aims to diversify its economy and exports, the country’s Economy Minister Mikayil Jabbarov stated in Vilnius.

“In Azerbaijan, we are focused on diversifying our economy and exports. Over the past 4 years, we have doubled the volume of our non-oil and gas exports from Azerbaijan,” Jabbarov said, noting that the priority areas for Azerbaijan are: industry, transport and energy transition, Report says.

The minister stressed that Azerbaijan is a traditional exporter of oil and natural gas, and is now also working to become an exporter of renewable energy.

Jabbarov also noted the strategic location of Azerbaijan, which gives the country access to the markets of Central Asia, neighbouring Georgia and Türkiye.

Jabbarov also noted that there are several legal frameworks between Azerbaijan and Lithuania, such as the Investment Protection Agreement and the Double Taxation Avoidance Agreement.

Azerbaijan aims to diversify its economy with its renewable energy potential being more than 27 GW of onshore wind and solar energy and 157 GW of wind energy in the Azerbaijani sector of the Caspian Sea.

“There is huge potential in Azerbaijan for the development of renewable energy. Currently, two stations are under construction - 470-megawatt solar and wind stations. The construction of the third station will start soon, and it will give us about 240 megawatts of additional power,” President Ilham Aliyev said, addressing a groundbreaking ceremony for a new 1,280-megawatt power plant in the city of Mingachevir on February 23.