Azerbaijan says ties with India moving to higher level
Azerbaijan's foreign minister said relations with India are advancing in energy, trade and transit, with ONGC raising its stake in a local oil and gas project.
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what happened
Azerbaijani Foreign Minister Jeyhun Bayramov said relations with India are moving toward a higher level. He pointed to growing prospects in energy, pharmaceuticals, agriculture and transport corridors, and called the visit of Indian Foreign Minister Jaishankar to Baku a very valuable meeting.
According to Moody's, bilateral trade this year reached about $600 million, which Bayramov acknowledged is below the real economic potential of both countries. He also said India's ONGC had increased its share in a major oil and gas project in Azerbaijan, and that more than 1,000 Indian companies operate in the country.
why it matters
For markets, the story is mainly diplomatic. The most direct financial angle is ONGC's participation in the Azerbaijani oil and gas project, where a larger stake supports the company's investment plans in the region. Trade of $600 million remains modest, so a direct effect on financial markets is hard to see.
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- Azerbaijan sees ties with India moving to "higher levels" — Moody's, 24 October 2026 at 03:46 UTC
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