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Italian investments in Azerbaijan have totaled $805 million to date, Azerbaijan's Energy Minister Parviz Shahbazov said at the sixth meeting of the Azerbaijan–Italy Intergovernmental Commission on Economic Cooperation held in Baku, Report informs.
He noted that Italy accounts for 46.7% of Azerbaijan's exports. "So far, investments from Azerbaijan to Italy amount to $342 million, while Italian investments in Azerbaijan total $805 million. Undoubtedly, there is significant potential in this area. Currently, the market value of the State Oil Fund of Azerbaijan's (SOFAZ) investment portfolio in Italy stands at $2.8 billion," the minister said. He added that signing an agreement on the promotion and mutual protection of investments is among the key priorities to boost these figures.
Shahbazov also said that last year, Azerbaijan maintained its position as Italy's largest supplier of crude oil and second-largest supplier of natural gas, delivering 10.34 million tons of oil through SOCAR and a total of 9.5 billion cubic meters of gas. Italy, Azerbaijan's largest buyer of oil and gas in Europe, accounts for about 45% of Azerbaijan's total oil exports and 38% of its gas exports.
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