TODAY.AZ / Business

Azerbaijan, Italy discuss current state, opportunities for energy cooperation

29 June 2022 [14:30] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Azerbaijan and Italy have discussed the current status and opportunities for energy cooperation, Azernews reports, citing the Energy Ministry.

The discussion took place during a meeting between Azerbaijani Energy Minister Parviz Shahbazov and Italy's Ansaldo Energia CEO Giuseppe Marion.

During the meeting, the minister briefed him on the work done on energy transition in the country, green energy projects and green electricity export plans.

He noted that the natural gas in Azerbaijan maintains an important role in the diversification of energy resources through the production of electricity. Shahbazov emphasized that cooperation with private companies in all areas is one of the priorities.

In turn, Giuseppe Marino spoke about the company's activities, completed global projects and achievements in recent years. He briefed on the achievements of traditional power plants in the field of modification of plants and devices for the use of natural gas as well as hydrogen.

The diplomatic relations between the two countries were established on May 8, 1992. Italy's first embassy in the South Caucasus was opened in Azerbaijan in 1997 and the embassy of Azerbaijan in Italy has been functioning since 2003.

Italy was one of the first countries to express support for Azerbaijan's territorial integrity, as well as an interest in participating in restoration efforts in Azerbaijan's liberated territories. Last year, Azerenergy and Ansaldo Energia signed a cooperation agreement on the construction of energy infrastructure in Azerbaijan’s liberated territories. According to the agreement, Ansaldo Energia will supply equipment for four 110 kV substations to be built in the Aghdam, Kalbajar and Gubadli regions.

Azerbaijan is a major supplier of energy to Italy. In Azerbaijan, over 100 Italian companies operating in various fields are registered. At the same time, Italian firms have contracts worth more than € 10 billion ($11.8 billion) for Azerbaijani projects both inside and outside the country. Azerbaijan's total investment in the Italian economy is estimated to be around € 1.7 billion ($2 billion), with Italy investing approximately € 770 million ($910.8 million) in Azerbaijan.

The two countries' trade turnover was $9.6 billion in 2021, with Italy also being Azerbaijan's main trade partner.


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