Baku Energy Forum - Iran earned $1.7 bn on Azerbaijani oil contracts

Iran earned $1.7 bn on Azerbaijani oil contracts



Iranian investors have already earned $1.7 bn on Azerbaijani oil projects.

Following his visit to Iran, Economy Minister Shahin Mustafayev of Azerbaijan has stated today in Baku that trade turnover between Azerbaijan and Iran increased by 70% in 2016.

"Azerbaijan is numbering 638 Iranian companies, and they have invested $1.7 bn in the country’s economy, and $1.6 billion of them were invested in oil and gas projects. The Iranian companies’ profit from those projects has already totaled $1.7 bn," the minister said.

He added that Iranian companies’ investments in the non-oil sector totaled $150 million, and the parties are not satisfied with this indicator, as there is a significant potential for increasing investments in the non-oil sector.