Azerbaijan’s oil contracts new technology to Azerbaijan, in addition to foreign currency, Azernews reports, citing Deputy Economy Minister Sahib Alakbarov telling at the event "Heydar Aliyev's role in the formation of a competitive economy".

He said that today foreign investors trust and invest billions of dollars in Azerbaijan.

“Works are being done to double the transmission capacity of the Southern Gas Corridor by 2027," he added.

He spoke about the construction of a thermal power plant (TPP) in Mingachevir and noted that due to the power plant demand for natural gas will decrease to one billion cubic meters.

"This TPP will produce 1,280 megawatts of electricity and its construction will be completed in two years. The investments made by the parties in this project will be returned six years after the TPP is put into operation. In addition, work is being done on the construction of substations in Jabrayil and Garadag.”

He also touched on the green energy issue and noted that together with MASDAR Azerbaijan is implementing the project of generating four gigawatts of energy onshore and offshore which will increase to 6 gigawatts in the future.

The deputy minister also said that Azerbaijan, Georgia, Hungary, and Romania reached an agreement on the export of "clean" energy from the Caspian Sea to Europe.

"It is expected that the technical and economic justification of this project will be ready by the end of this year", S. Alekbarov added.