Baku, Oslo eye Norwegian companies' involvement in Karabakh rehabilitation

By Azernews

By Ayya Lmahamad

Economy Minister Mikayil Jabbarov and Norway's Ambassador Erling Skjonsberg have discussed the involvement of Norwegian companies in Azerbaijan's liberated territories.

"During the meeting with Erling Skjonsberg, the Ambassador of the Kingdom of Norway to Azerbaijan, we discussed the development of bilateral cooperation in trade, investment and the digital economy, as well as the involvement of Norwegian companies in the liberated territories," Jabbarov wrote on the official Twitter page.

Noting the interest of both countries in expanding business partnership, they spoke about the current state of economic relations.

Moreover, they discussed the development of bilateral cooperation in the oil and gas sector, alternative energy, as well as trade and investment.

Azerbaijan and Norway are cooperating in various fields of economy, especially oil and gas.

Thus, Azerbaijan's State Oil Company and Norway's Equionor are cooperating in Azerbaijan in developing the Karabakh field and organizing exploration and production in the promising areas Ashrafi-Dan Ulduzu-Aypara.

The companies also have a stake in the Azeri-Chirag and Deepwater Guneshli (ACG) oil field development project. In May 2018, SOCAR Karabakh and Equinor signed a Risk Services Agreement for the development of the Karabakh oil field in the Azerbaijani sector of the Caspian Sea. According to the agreement, the companies have equal shares.

The trade turnover between Azerbaijan and Norway amounted to $69.7 million in January-October 2021. In addition, the trade amounted to $62.3 million between the two countries in 2020.