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.
