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Azerbaijan´s oil exports to Italy soar

Azerbaijan´s oil exports to Italy soar

Baku, August 27 - Neftegaz.RU. c, who supplies energy resources to the world markets, constantly expands the geography of export destinations. The country exported 5.7 million tons of oil to Italy in the 1st half of 2019, Azernews reported. The total price of oil delivered to Italy amounted to $2.5 billion.

The volume of exports increased by 53.7 % in quantitative terms, and by 45.7 % in value in January-June 2019 compared to the same period last year. In the reporting period, the share of supplies to Italy accounted for 35.7 % of the total oil exports.

The major buyers of Azerbaijani oil also included China – 1.3 million tons ($667 million), India – 1.2 million ($624.5 million), Germany – 1.2 million ($554.7 million), Israel – 1.1 million tons ($544.5 million), and Spain – 895,133 tons ($425.5 million).

Azerbaijan exported 15.8 million tons of oil worth $7.7 billion in January-June 2019. One of the main buyers of Azerbaijani oil is Italy. So far, Italian companies have invested $596 million in Azerbaijan's oil and gas sector.

Italian company Eni has been involved in several projects on the operation of oil and gas fields in Azerbaijan since 1995, which laid the foundation for economic cooperation between countries. Since 1999, Italy has begun to receive a large part of Azerbaijani oil exported through the Baku-Supsa pipeline and then through Baku-Jeyhan.

Author: Leman Mammadova

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