The new Ambassador said prior to his appointment to Azerbaijan he was deputy executive director of the European Bank for Reconstruction and Development in London. Comparing the climate of London with that of Baku, Mr.Stanchina said he is pleased for his appointment to Azerbaijan, APA reports.

"Azerbaijan is of great importance and Germany tries to expand relations with Azerbaijan. The trade turnover between the two countries increased twice reaching to 700 million euros from 350 million euros in the past one year. There exists a big potential for further expansion of economic relations between Germany and Azerbaijan," the Ambassador said.

Mr.Stankina also forecasted oil revenues of Azerbaijan. The German diplomat thinks Azerbaijan will get 10-12 billion euros from oil in the coming 15-18 months, which represents an increase of three times on current state budget.

"International institutions are right in recommending Azerbaijan to sterilize petrodollars by preserving in the Oil Fund. Oil revenues are to be invested abroad or spent on brining modern technologies to the country in order to ensure efficient use of big revenues," he said.

The Ambassador also noted German Wintershall oil company takes interest in reinvesting in Azerbaijan.

"The company's first work in Azerbaijan was not successful. It suspended its activity in Azerbaijan as geological prospects did not give fruitful results. The Wintershall is negotiating with the government and the State Oil Company (SOCAR) related to geological prospecting. The company offers brining new technologies to Azerbaijan and train young specialists for oil and gas fields," the Ambassador said.