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Azerbaijan, Czech Republic plan to sign memo in energy

16 January 2017 13:52 (UTC+04:00)
Azerbaijan, Czech Republic plan to sign memo in energy

By Amina Nazarli

Azerbaijan, which is one of the largest suppliers of oil to the Czech Republic, is interested in development of cooperation in the energy sector.

Azerbaijani Ambassador to Czech Republic, Farid Shafiyev said that currently the two countries are preparing a memorandum of understanding in the energy sector.

"The signing of the memorandum will create new opportunities for the deepening of cooperation between the two countries," he told Trend.

Earlier, the governments of the two states have proposed to sign a memorandum of understanding in the energy sphere between the Ministry of Energy of Azerbaijan and the Ministry of Industry and Trade of the Czech Republic.

The document was planned to be sign during the forthcoming visit of Minister of Industry and Trade of the Czech Republic Jan Mládek to Baku on January 17, however, due to the inconsistent provisions in the draft memorandum, experts continue to work on the document.

The diplomat expressed hope that after completion of work over the project of the memorandum, it will be submitted for signing during the visit of Azerbaijani Energy Minister Natig Aliyev to Prague, which is scheduled for current year.

Azerbaijani oil provides about a quarter of the annual consumption of the Czech Republic, therefore, Azerbaijan, by providing a significant contribution to the diversification of energy resources of this country emerged as an important strategic partner of the European country.

The trade turnover between Azerbaijan and the Czech Republic amounted to $312.02 million in January-November 2016, and $214.17 million of which accounted for the export of Azerbaijani goods to the Czech Republic, according to the Azerbaijani State Customs Committee.

Czech Republic mainly imports Azerbaijani oil, while industrial equipment and consumer goods are exported to Azerbaijan. The country is a reliable partner for Azerbaijan in several fields.

The Czech Republic ranks 12th in the list of main importers of Azerbaijani goods. The share of the Czech Republic in the total export from Azerbaijan totaled 2.58 percent in January-November 2016.

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Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli

Follow us on Twitter @AzerNewsAz

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