Azerbaijan's investments in Turkic states exceed $21B

Azerbaijan's mutual investment with member and observer countries of the Organization of Turkic States (TDT) has exceeded $35 billion, Azerbaijani Energy Minister Parviz Shahbazov said at the 3rd meeting of OTS energy ministers held in Budapest, Hungary, Report informs, referring to the Energy Ministry.

In his speech, the minister spoke about the importance of strengthening the moral unity of the Turkic states with political and economic partnerships. He stressed that Azerbaijan's trade turnover with member and observer countries of the organization increased by 42.7% last year and exceeded $7.2 billion and those countries contributed $14.3 billion to Azerbaijan's economy, while Azerbaijan has invested over $21 billion in those countries. The importance of the development of energy cooperation was assessed in terms of the prosperity of the countries and energy security in Eurasia. According to him, 20.9 billion cubic meters of Azerbaijani gas have been supplied to Türkiye and 22 billion cubic meters to Europe since the commissioning of TANAP and TAP. This year, Azerbaijan is expcted to transport 24.5 billion cubic meters of gas, 10.2 billion cubic meters of which will be exported to Türkiye, and about 12 billion cubic meters to Europe.

The minister noted the annual transportation of 1.5 million tons of Kazakh oil to the world markets via BTC, the initiation of new projects with Uzbekistan, as well as signing the trilateral agreement energy cooperation with Turkmenistan as important developments, and invited the Turkic states to participate in the process of turning Karabakh and Eastern Zangezur into a green energy zone.