BAKU, Azerbaijan, October 6. Azerbaijan and the United Kingdom have the political will and significant potential to elevate their bilateral cooperation to the level of a strategic partnership, the country’s Minister of Energy Parviz Shahbazov said, Trend's correspondent reports.
He made the remark at the 8th meeting of the Joint Intergovernmental Commission on Trade and Economic Cooperation between the governments of Azerbaijan and the United Kingdom of Great Britain and Northern Ireland, currently taking place in Baku.
According to him, Azerbaijan and the United Kingdom are long-standing friends with strong political and economic ties based on mutual trust.
“The progress we have made creates a solid foundation for elevating our relations to the level of a strategic partnership. We have the political will and significant potential to take our cooperation to this new level. For more than three decades, the United Kingdom has been one of Azerbaijan’s key partners thanks to its investments and strategic cooperation in the energy sector,” the minister said.
According to Shahbazov, the volume of UK investment in Azerbaijan exceeds $39 billion, making it the country’s largest foreign investor.
He noted that bilateral trade is also showing significant growth.
“Last year, trade between our countries increased by 67%. In the first half of this year, it grew nearly sixfold, reaching $3.6 billion, while Azerbaijan’s exports to the United Kingdom increased 24-fold,” the minister said.
P. Shahbazov noted that the strategic energy partnership, established by the signing of the “Contract of the Century” in 1994, remains one of the key pillars of bilateral relations. “The large-scale oil and gas projects we have jointly implemented, including the Southern Gas Corridor, are clear evidence of our contribution to the energy security of the region and Europe as well. Cooperation with the British company bp continues to develop through new projects.
The start of associated gas production at the “Azeri-Chirag-Guneshli” field, the gas compression project at the “Shah Deniz” field, the “Shafag-Asiman,” “Karabakh,” and “Ashrafi–Dan Ulduzu–Aypara,” as well as our joint activities in Uzbekistan, demonstrate the long-term nature of this partnership,” the minister said.
Shahbazov added that cooperation is also expanding in the field of “green” energy and decarbonization.
“The ‘Shafag’ solar power plant is expected to begin operations next year, and the decarbonization of the Sangachal terminal through clean energy, in turn, sets an example for the global energy transition,” he said.
The minister noted that the changing global energy landscape is increasing the strategic importance of power grids and regional connectivity: “Azerbaijan is implementing major ‘green’ energy corridor projects to connect the Caspian region and Central Asia with Europe, including a route that will pass through Nakhchivan and Türkiye on its way to eastern markets.”
