Baku: Mutual economic relations, including investments by the State Oil Fund of Azerbaijan and SOCAR in Italy, show that relations between the two countries are being shaped on a forward-looking strategic basis, said Energy Minister Parviz Shahbazov at the 6th meeting of the Azerbaijan-Italy Intergovernmental Commission on Economic Cooperation held in Baku, APA-Economics reports.
According to Azeri-Press News Agency, Shahbazov noted that relations between Azerbaijan and Italy are developing at the level of strategic partnership. Italy is currently Azerbaijan’s largest trading partner, accounting for about 25% of Azerbaijan’s total trade turnover and 47% of its exports. Investments totaling USD 342 million have been made from Azerbaijan to Italy, while investments from Italy to Azerbaijan amount to USD 805 million.
The minister emphasized that the energy sector is one of the main areas of cooperation. Italy receives 45% of Azerbaijan’s oil exports to Europe and 38% of its gas exports. Gas supplies carried ou
t via the Trans Adriatic Pipeline make a significant contribution to Italy’s and Europe’s energy security in general.