UK investment opportunities in Azerbaijan

At the government department’s Azerbaijan market briefing on Sept. 7, the agency said skills developed in the UK over the past four decades in areas such as engineering, project management and manufacturing would be pivotal to extracting the country’s considerable hydrocarbon resources.

Campbell Keir, director UKTI Energy and UK Infrastructure Team says: "Forty years ago in the North Sea we started to deliver oil and gas, and from this base the UK has built up a tremendous bank of expertise…. providing services not only to UK but Europe and rest of the world.

"This experience is something that is very valuable and relevant in the current challenging environment, It’s very exportable…. and I think Azerbaijan and the UK can benefit considerably by developing a strong partnership.”

He adds last year the UK delivered around $1.5billion of exports to Azerbaijan, with many of these investments from companies represented at this year’s show.

Opportunities for UK businesses include the BP-led Shah Deniz II Gas deal; future developments of the Azeri-Chirag-Gunashli (ACG) field, already one of the largest offshore complexes in the world; as well as the Absheron gas field.

Keir says UKTI is looking to increase export, with sustainable success dependent on forging strong links with in-country partners and developing local skills and expertise.

Through relationships with State Oil Company of Azerbaijan Republic (SOCAR) and BP, the department is aiming to form a partnership program to develop government-to-government and business-to-business relationships in the market.

In fact, Azerbaijan was added to the UKTI High Value Opportunities (HVO) program in February this year.

The initiative helps UK businesses access large-scale overseas procurement projects: identifying opportunities as they become available and helping businesses secure contracts.

An outward mission to the country is planned for next month, with an inaugural Inter Government Committee (IGC) meeting scheduled to take place in December.

 

(oedigital.com)