Azernews.Az

By Ayya Lmahamad

Russia's Pipeline Coating and Technologies LLC plant for the production of external concrete coating for pipelines, located in the country’s Volgograd region, plans to arrange supplies of magnetite ore from Azerbaijan, Azernews reports, citing TASS.

The plant’s General Director Andrey Ryndovskiy stated that earlier the plant purchased this raw material in Sweden.

"One of the raw materials for our company is heavy magnetite ore, which is necessary for the preparation of heavy concrete mixes applied to pipes. It used to be supplied in series from Sweden. But under current circumstances, Sweden restricts the supplies, that is why we plan to establish new channels with Azerbaijan, as a friendly country, and ensure the further viability of production," he said.

Azerbaijan and Russia cooperate in different sectors, such as economy, agriculture, customs, communications, high technology, and others. Over 230 intergovernmental and intercompany documents have been signed between the two countries and six "road maps" are being implemented.

Azerbaijani investments in the Russian economy have exceeded $1.2 billion, with the majority of these investments being in the non-oil sector. In addition, Russian investments in Azerbaijan's economy totaled $6.3 billion, with $5 billion invested in the oil sector and $1.3 billion in non-oil sectors.

The trade turnover between Azerbaijan and Russia amounted to $2.9 billion in 2021, making Russia Azerbaijan’s third-largest partner.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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