President: Azerbaijan’s investments abroad amount to billions of dollars

# 15:05
8 November 2017

Azerbaijan is an example of how state and foreign investors should do business together, President of Azerbaijan Ilham Aliyev said at the solemn ceremony on production of 2 billionth ton of oil in Baku.


The head of state noted that Azerbaijan has established cooperation with its partners, especially BP, on the basis of mutual support, mutual confidence and mutual interests. Both investors and Azerbaijan get large amount of revenues: “BP is our partner for 23 years and plays actively role in the leading projects. I want to say that 700 million tonnes of 2 billion tonnes of oil were extracted during the period of independence. Of this, 460 million were produced by the consortium”.


President Aliyev noted that BP-SOCAR cooperation is a model for many countries: “The Contract of the Century, Shahdeniz agreement have turned SOCAR into a big company. Today, SOCAR has great activity in the country and abroad. Our investments abroad amount to billions of dollars. It’s planned to invest $20 billion in the projects in Turkey alone. Half of this figure has already been made. SOCAR has great works, investments in other countries, European countries. Azerbaijani state supports SOCAR’s activity. This increases our economic strength. Two projects – SOCAR polymer and SOCAR carbamide plants are of great importance for development of the non-oil sector. Both projects are being implemented under the schedule and I’m sure that they will be launched next year.


Thus, Heydar Aliyev oil strategy was enriched with new directions. The Southern Gas Corridor is successfully being implemented today. Capital investment makes up $40 billion. Shahdeniz 2 and South Caucasus Pipeline are complete almost 100 percent, TANAP more than 80%”.