Azerbaijani president: "Our word is as valuable and priceless as our signature"

"There are great prospects in the economic sector. Of course, we are actively working in the energy sector within the OPEC+ format. I can say that since the establishment of the OPEC+ format, it has played a special role in cooperation between Saudi Arabia and Azerbaijan. Along with other countries participating in this format, we have managed to stabilize oil price," Report informs, citing President Ilham Aliyev’s speech at the groundbreaking ceremony for the 240-megawatt Khizi-Absheron wind power plant, to be built by ACWA Power of the Kingdom of Saudi Arabia in Azerbaijan.

"The investor of this station is Akvopao, a well-known company with wide experience in this sector. We can say a lot about the company, but I must say that it is the world's largest energy company. According to the information provided to me, the power generation capacity of the stations, built by the company, is more than 42,000 megawatts. That is, it is not difficult to imagine, and I am glad that this company is also interested in Azerbaijan.

“Of course, the role of our bilateral interstate relations is very important here. At the same time, the reforms carried out in Azerbaijan over recent years, including in the energy sector, good investment climate, successful development of our country, stability, peace, and security - all these factors play an important role for every investor. Also, the protection of foreign investment in Azerbaijan is at the highest level. Foreign investors are well aware that our word is as valuable and priceless as our signature. The Contract of the Century, signed in 1994 at this magnificent Gulustan Palace, has been implemented for many years, and not a single word, not even a comma, has been changed in that contract. Our attitude to all other contracts, agreements with large foreign companies is similar. Therefore, tens of billions of investments have been made in the Azerbaijani economy and it still continues. In particular, the global financial crisis, as well as the natural decline in economic activity due to the pandemic - all these are negative factors. Nevertheless, the company of the fraternal country has decided to invest heavily in Azerbaijan, and today we are laying the foundation of a 240-megawatt wind power plant, to be built in the Khizi District," the president concluded.