BAKU, Azerbaijan, June
18. The United Kingdom remains the largest foreign
investor in Azerbaijan, with total investments exceeding $39.9
billion, Azerbaijan's Deputy Minister of Energy Orkhan Zeynalov
said, Trend's
correspondent reports from the event.
He made the remark during an official reception in Baku
celebrating the official birthday of His Majesty King Charles
III.
"The United Kingdom has been our strategic partner from the very
beginning and has played a significant role in Azerbaijan’s
development through its investments and support for the energy
sector. With investments exceeding $39.9 billion—of which $37
billion have been directed to the energy sector—the United Kingdom
is the largest foreign investor in our country," Zeynalov
emphasized.
The deputy minister noted that this productive partnership,
which began with the landmark 1994 "Contract of the Century" and
BP, continues to yield significant results for both countries and
global energy security through major projects like
"Azeri-Chirag-Gunashli" (ACG) and "Shah Deniz."
He specifically highlighted the recent historic launch of
natural gas production from the deep reservoirs in the ACG field
earlier this month.
"The 'ACG Deep Gas' project is of strategic importance for
increasing Azerbaijan’s gas production and export potential. The
gas reserves developed under this project will pave the way for
further foreign investment in Azerbaijan in the years ahead," the
official stated.
Looking to the future, Zeynalov underlined that Baku and London
are actively expanding their strategic energy matrix to encompass
green energy and decarbonization initiatives.
"The 240 MW 'Shafag' solar power plant, which will be
commissioned in Jabrayil in 2027, together with the project’s
contribution to the decarbonisation of the Sangachal Terminal, will
demonstrate the integration of hydrocarbons and green energy," the
deputy minister concluded.
