The terminal port on the Aegean Sea has been commercially operating since December 6, 2016. Investments in its operation amounted to $400 million.

BP expects to discover oil reserves at SWAP to compensate for a decline in oil production at its major project in Azerbaijan – the Azeri-Chirag-Guneshli oilfields, which account for most of the country’s oil output.

Azerbaijan exports to Turkey and Europe through the Southern Gas Corridor continue to make inroads into an energy market until now dominated by Russia.

The UAE is one of the twenty largest investors in the economy of the ex-Soviet country.