Baku: SOCAR is expanding its investments in our country, Uzbekistan's Energy Minister Jurabek Mirzamakhmudov said during the ministerial-level plenary session held within the framework of the 31st Baku Energy Forum, APA-Economics reports. The announcement marks a significant development in Uzbekistan's efforts to attract foreign investment and enhance its partnerships in the energy sector.

According to Azeri-Press News Agency, Uzbekistan is actively working to attract foreign investment and diversify its partners in the energy sector. The minister highlighted the shift in roles for some foreign companies, which have transitioned from operating mainly as contractors to making direct investments in Uzbekistan. This development is seen as a positive step in the country's strategy to boost its energy capabilities.

The collaboration between SOCAR and bp was underscored by Minister Mirzamakhmudov, who mentioned that the two companies have commenced exploration activities in Uzbekistan. This partnership is a testament to the growing international cooperation and investments that underpin the achievements in the country's energy sector.

Mirzamakhmudov stressed the importance of political will, reforms, and international collaboration as foundational elements of the progress made in Uzbekistan's energy landscape. He further emphasized the significance of regional cooperation in achieving energy transition goals, suggesting that such partnerships are crucial to the country's sustainable energy future.