BAKU, AZERBAIJAN – His Majesty King Mswati III today invited State Oil Company of the Republic of Azerbaijan (SOCAR) and mining companies to invest in the Kingdom of Eswatini.
The King extended the invitation when he made a courtesy call to President Ilham Aliyev ahead of the 13th 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, as one of the leading countries in the oil and gas production, is invited to consider investing in the fuel infrastructure and further supply fuel products in the African continent through the Kingdom of Eswatini.
“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 the 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 is looking forward to completing the construction of the Strategic Oil Reserve by 2028.
His Majesty the King further stated that the country is looking forward in welcoming Azerbaijan mining companies who may be interested in partnering with the kingdom.
In response, President Aliyev appreciated His Majesty the King’s invitation and tasked his ministers to look into such opportunities in mining and the oil refinery.
He said SACAR, which is a 100 per cent 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 His Majesty the King’s concerns around the unstable and fragile state of affairs in the region and hoped lasting solutions would be found.
The King had noted that the instability in the Middle East had created an unfortunate state of affairs and wished that the ongoing truce should transform into permanent stay.
The forum, which began yesterday and continues until Friday, will address crucial challenges, such as housing, land use, urban planning, governance and participation.
His Majesty the King, who is accompanied by Inkhosikati LaMashwama at this global forum, expressed his appreciation in joining other world leaders for this forum.President Aliyev told the King that 182 countries are participating at this global forum, making it one of the biggest summit to look at the state of housing, challenges affection housing, urban planning, governance and participation.
The King was accompanied by Minister for Foreign Affairs and International Cooperation Pholile Shakantu, Minister for Natural Resources and Energy Prince Lonkhokhela, Minister for ICT Savannah Maziya, Minister for 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.
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