Azerbaijan and Italy discuss energy cooperation

Cooperation relations between the energy systems of Azerbaijan and Italy were discussed, Azernews reports citing AzerEnergy.

Chairman Balababa Rzayev met with Italian ambassador to Azerbaijan, Luca di Gianfrancesco. They discussed cooperation in energy, President Ilham Aliyev's recent visit to Italy, and its contributions to the energy sector. The participation of Italian company "Ansaldo Energia" and other firms in ongoing and future energy projects in Azerbaijan was also addressed.

It should be noted that the relationship between the parties is characterized by a mutually beneficial partnership based on respect for each other's interests. Azerbaijan and Italy have long-standing traditions of cooperation, particularly in the economic field, and their relations are currently at a high level. The recent visit of the head of state is an indicator of the strengthening economic and political ties.

One of the main aspects of economic relations between Azerbaijan and Italy is trade. With a mutual trade turnover exceeding $6 billion, Italy is one of Azerbaijan’s key trade partners. Cooperation in energy has reached a particularly high level.

Since gaining independence, Italy has invested over $770 million in Azerbaijan's economy, while Azerbaijan has invested $1.7 billion in Italy, reflecting successful investment cooperation.

Notably, traditional energy trade is a significant component of their relationship. Both countries are successfully implementing major projects in the oil and gas sector, with Italy becoming the largest trading partner for Azerbaijan's crude oil and oil products.