Azernews.Az

By Leman Mammadova

Azerbaijan and Brazil are interested in developing bilateral cooperation in various fields and increasing the trade turnover. Two countries have particularly great potential to develop relations in the energy.

Azerbaijani Energy Minister Parviz Shahbazov met with the delegation led by Rodrigo Maia, President of the Chamber of Deputies of the National Congress of Brazil, on May 3.

At the meeting, the sides discussed prospects of energy cooperation between the two countries.

Maia pointed to Brazil's hydrocarbon reserves, the expected increase in production due to the discovery of new deposits, reforms in the gas sector, as well as renewable energy use.

He said that his country is interested in energy cooperation with Azerbaijan. To this end, it is necessary to consider the cooperation between SOCAR and Petrobras to develop relations between the two countries' relevant energy agencies and oil and gas companies, according to him.

It is noteworthy that Petrobras company is considered to be the main operator of a number of projects at the largest Brazilian oil fields.

In turn, Parviz Shahbazov said that bilateral relations between Azerbaijan and Brazil are developing successfully and there are opportunities for energy cooperation. Minister spoke about Azerbaijan's development, the development stages of the oil and gas industry of the country and its role in the global energy security.

He stressed that SOCAR supplied crude oil to Brazil, as well as Brazilian crude oil and oil products to the world market, adding that the Energy Ministry is ready to provide the necessary support for expanding cooperation between oil and gas companies.

Shahbazov also noted that renewable energy sector is one of the possible directions for cooperation between the two countries.

“At present, a new stage in the use of renewable energy sources has been launched in Azerbaijan. Legislation and incentive mechanisms are underway in this area. Now it is a good time for cooperation and we invite Brazilian companies to participate in the renewable energy sector,” he added.

The diplomatic relations between Azerbaijan and Brazil were established in 1993. The Embassy of Brazil in Azerbaijan was opened in 2009, and the Azerbaijani Embassy in Brazil - in 2012.

In 2016, Azerbaijan and Brazil signed a Memorandum of Understanding on cooperation in trade and investment areas. In addition, Intergovernmental Joint Working Group on Trade and Investment was established in 2017. All this established grounds for expanding economic and trade relations.

Trade turnover between two countries reached $171 million in 2018. The majority of the trade accounted for the Brazilian exports to Azerbaijan.

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Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888

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