King invites Azerbaijan’s mining, oil companies to invest in locally

HIS Majesty King Mswati III yesterday invited State Oil Company of the Republic of Azerbaijan (SOCAR) and mining companies to invest in the kingdom.

The king extended the invitation when he made a courtesy call to President Ilham Aliyev ahead of the World Urban Forum (WUF13) held in Baku in partnership with the United Nations Habitat.

His Majesty said the current global tensions, especially in the Middle East, have affected the supply of fuel and other oil-related products in the world, including fertiliser.

He said Azerbaijan was one of the leading countries in oil and gas production and is invited to consider investing in the fuel infrastructure and further supply fuel products in Africa through the kingdom.

“In Eswatini, we are currently building a Strategic Oil Reserve, which will be able to store fuel for about two months and we will be happy to partner with your companies in this project, in terms of supply. We can even go beyond just the storage facility and build an oil refinery in long-term. We believe as a country we are strategically placed to supply our Southern Africa region as we are surrounded by two big neighbours in South Africa and Mozambique in the east.

The king said Azerbaijan as an oil producing country can supply the Kingdom of Eswatini around 10 million barrels of oil per annum.

He said the country was looking forward to completing the construction of the Strategic Oil Reserve by 2028.

His Majesty further stated that the country is looking forward in welcoming Azerbaijan mining companies who might be interested in partnering with the kingdom.

In response, President Aliyev appreciated His Majesty’s invitation and tasked his ministers to look into such opportunities in mining and the oil refinery.

He said SOCAR, which is a 100% State-owned company, has subsidiary companies in Turkey and Italy and can explore the African market as well.

The president noted the global challenges which have affected the supply of fuel, fertiliser and other oils by products.

He noted the king’s concerns around the unstable and fragile state of affairs in the region and hoped lasting solutions would be found.

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The king had noted that the instability in the Middle East had created an unfortunate state of affairs and wished that the ongoing truce would transform into permanent stay.

The forum which began today until Friday will address crucial challenges, such as housing, land use, urban planning, governance and participation.

His Majesty who is accompanied by Inkhosikati LaMashwama at this global forum expressed his appreciation in joining other world leaders.

President Aliyev told the king that 182 countries are participating at this global forum, making it one of the biggest summits to look at the state of housing, challenges affection housing, urban planning, governance and participation.

The king was accompanied by Minister of Foreign Affairs and International Cooperation Pholile Shakantu, Minister of Natural Resources and Energy Prince Lonkhokhela, Minister of ICT Savannah Maziya, Minister of Commerce Industry and Trade Manqoba Khumalo, the country’s Ambassador to Azerbaijan and Brussels Sibusisiwe Mngomezulu, King’s Private Secretary Mbongeni Simelane and Hhukwini MP Alec Lushaba.

ABOUT AZERBAIJAN

The Republic of Azerbaijan is a transcontinental landlocked country at the boundary of Western Asia and Eastern Europe.

It is a part of the South Caucasus region and is bounded by the Caspian Sea to the east, Russia’s Republic of Dagestan to the north, Georgia to the northwest, Turkey, via the exclave of Nakhchivan and Armenia to the west and Iran to the south.

Baku is the capital and largest city. Population is estimated at 10.3 million people and their currency is Manat.

WORLD URBAN FORUM

The World Urban Forum (WUF) was established in 2001 by the United Nations to examine one of the most pressing issues facing the world today: rapid urbanisation and its impact on communities, cities, economies, climate change and policies.

Convened by UN Habitat, the forum is a high level, open and inclusive platform for addressing the challenges of sustainable urbanisation.

OBJECTIVES:

• Raising awareness of sustainable urbanisation among stakeholders and constituencies, including the general public;

• Enhancing collective knowledge on sustainable urban development through open and inclusive debate, the exchange of best practices and policies and the sharing of lessons learnt;

• Promoting collaboration and cooperation among diverse stakeholders and constituencies involved in advancing and implementing sustainable urbanisation.

• In 2016, the United Nations Conference on Housing and Sustainable Urban Development was held in Quito, Ecuador, where the New Urban Agenda was adopted in alignment with the objectives of the World Urban Forum.