Azerbaijan's oil industry attracted $50 bln foreign investment SOCAR says

By AzerNews

Foreign companies have invested $50 billion in Azerbaijan's oil industry, head of Azerbaijan's state oil company SOCAR, Rovnag Abdullayev, said in an interview to The Business Year.

According to him, there is a favorable environment for foreign companies to invest in Azerbaijan. There is legal and regulatory framework available to promote and protect foreign investment.

"To date, foreign companies have invested $50 billion in the country's oil industry, and not a single energy agreement has been breached or amended," Abdullayev said.

A prime example of successful cooperation with foreign companies are such projects as the Azeri-Chirag-Guneshli block of oil and gas fields and the Shah Deniz gas condensate field.