To date, an investment of 805 million US dollars has been made from Italy to Azerbaijan.
Modern.az reports that this was stated by Minister of Energy Parviz Shahbazov at the VI meeting of the Intergovernmental Commission on Economic Cooperation between Azerbaijan and Italy held in Baku.
According to him, 46.7% of Azerbaijan's exports fall to Italy's share: "To date, 342 million dollars have been invested from Azerbaijan to Italy, and 805 million dollars from Italy to Azerbaijan. Undoubtedly, we have great potential in this area. Currently, the market value of the State Oil Fund of Azerbaijan (SOFAZ) investment portfolio in Italy amounts to 2.8 billion dollars. To ensure the growth of these indicators, the signing of an agreement on the promotion and mutual protection of investments is one of the essential issues before us".
The Minister noted that last year, Azerbaijan maintained its position as Italy's main supplier of crude oil and second largest supplier of natural gas by supplying 10 million 340 thousand tons of oil and a total of 9.5 billion cubic meters of gas solely through SOCAR: "Italy, the largest buyer of Azerbaijani oil and gas in Europe, received approximately 45 % of the total oil exports and 38 % of the gas exports".
