By Azernews

A draft agreement on cooperation between Azerbaijan and Russia's Tyumen region in trade-economic, scientific-technical and socio-cultural spheres is being prepared, Azernews reports citing the TASS news agency.

It was noted that draft cooperation agreements are in the final stage of preparation.

Moreover, the foreign trade turnover between Azerbaijan and Tyumen region increased by 3.3 times in 2021.

"Deputy Governor of Tyumen Region Andrey Panteleev met with Acting Consul General of Azerbaijan, Shohrat Mustafayev. They discussed issues of cooperation in the oil and gas sector, business development in Tyumen petrochemical complex, created on the basis of Russian Tobolsk petrochemical complex by Sibur (Russian petrochemical company)," the report reads.

Azerbaijan and Russia have mutual cooperation in different fields, such as economy, agriculture, customs, communications, high technology, and others. 

Azerbaijani President Ilham Aliyev and Russian President Vladimir Putin signed a Declaration on "Allied Interaction between the Republic of Azerbaijan and the Russian Federation" on February 22, 2022. The Declaration aims to elevate the Azerbaijani-Russian bilateral relations to a qualitatively new level: allied relations.

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

Additionally, some 14 Russian companies have applied for participation in Azerbaijan's Karabakh reconstruction.