By Azernews

By Ayya Lmahamad

Azerbaijan and the Czech Republic have discussed prospects for cooperation in the oil and gas sector, Azernews reports.

The discussion took place during a meeting between Azerbaijani State Oil Company (SOCAR) President Rovshan Najaf and Czech ambassador Milan Sedlacek in Baku.

During the meeting, the parties stressed that the strategic partnership between the two countries is successfully developing. They underlined the importance of mutually beneficial cooperation between Azerbaijan and the Czech Republic in the economic sector, including in the oil and gas sector.

The sides also exchanged views on other issues of mutual interest.

Diplomatic relations between the two countries were established on January 29, 1993. Azerbaijan and the Czech Republic cooperate in different spheres of the economy. Around 30 companies with Czech capital operate in Azerbaijan. The Czech Republic had invested $37.2 million in Azerbaijan, while Azerbaijan’s investment in the Czech Republic amounted to $48.2 million during the period from 1995 to 2021.

The trade turnover between Azerbaijan and the Czech Republic amounted to $307.4 million in 2021.