ENERGY

Saudi Arabia ready to invest in Azerbaijan’s oil sector

An Azerbaijan state flag flutters in the wind on an oil platform in the Caspian Sea east of Baku. (File photo: Reuters)

Saudi Arabia is ready to invest in Azerbaijan’s petrochemical and refining industry, the head of Saudi Arabian General Investment Authority Abdullatif Al Othman said at the Azerbaijan-Saudi business forum held in Baku on Tuesday, Trend News Agency reported.

“Azerbaijan is an economically developed country and there is every opportunity for the expansion of cooperation in many spheres including tourism and within socially oriented projects,” the organization head said.

All these sectors of Azerbaijan’s economy are attractive for investments from Saudi entrepreneurs and the holding of business forums contribute towards the development and strengthening of bilateral relations, Al Othman said.

“Our delegation includes representatives of both the public and private sectors. We should not confine ourselves only to economic relations. Today we are bound by ties in the sphere of religion, education and many others. Therefore we also intend to develop relations in the social sphere,” he noted.

When considering the trade turnover between the two countries, currently the figures are not so high, Al Othman said. Meanwhile, the head of the investment organization believes that Saudi Arabia is aiming toward bringing this figure to the level of the current potential of the two countries.

The first Azerbaijan-Saudi Arabia business forum has been held in Baku Tuesday. Along with the officials of both countries, over 100 representatives from industry, bank, trade, education, food industry, construction, oil and chemistry, technology, finance and other spheres attended the event which was supported by Ministry of Economy and Industry.

Minister of Economy and Industry Shahin Mustafayev made speech about the socio-economic development of Azerbaijan. He thereafter spoke about the existing cooperation links between Azerbaijan and Saudi Arabia and noted that bilateral relations will develop.

Al Othman noted that certain talks will be held with Azerbaijani side and ways of development of bilateral relations will be discussed: “Azerbaijan is attractive for us for oil ad chemistry industry, processing, tourism and investment. At the same time, public-social spheres are also interesting for us. We want to develop those spheres too”.

He also noted that trade turnover between two countries is lower than existing potential. Along with this, Al Othman invited Azerbaijani businessmen to Saudi Arabia.

This article as first published in the Saudi Gazette.

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Last Update: Thursday, 12 December 2013 KSA 10:17 - GMT 07:17
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Saudi Arabia ready to invest in Azerbaijan’s oil sector
The first Azerbaijan-Saudi Arabia business forum was held in Baku on Tuesday
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