Azerbaijan, Saudi Arabia mull energy cooperation

By Ayya Lmahamad

Azerbaijan and Saudi Arabia have discussed the potential for expanding cooperation in various sectors of energy, both in the field of traditional and renewable energy.

The discussion took place during the second meeting of the Joint Technical Committee between Azerbaijani and Saudi Arabian Energy Ministries held in video conference format on February 17.

Noting the developing relations in the energy field and intensive cooperation in OPEC+ format, Azerbaijan’s Deputy Energy Minister Kamal Abbasov stated that the meetings of the technical committee will contribute to the realization of this potential and the further development of relations.

Chief Adviser to Saudi Arabia’s Energy Minister Nasser Al-Dossary underlined that there is reliable cooperation in energy field between Azerbaijan and Saudi Arabia, and the development of these cooperation meets the interests of both countries.

Touching upon the signed agreements on the 240 MW wind power plant project, it was noted that in the near future groundbreaking ceremony of the project will be launched.

Moreover, the parties briefed on the oil production, processing and delivery of petrochemical products to the world markets, participation and investment prospects in the projects of Saudi Aramco, SABIC and ACWA Power in a relevant field in Azerbaijan. In addition, they noted the development of gas exploration and production and promotion of foreign investment.

Additionally, information was given about Azerbaijan’s renewable energy potential, especially the liberated territories, the plans for the green energy zone establishment there, a draft law on the relevant field and the preparation for the holding of renewable energy auctions.

The representatives of the Energy Ministry, Economy Ministry, SOCAR and Azerenergy OJSC from Azerbaijani side attended the meeting. The sides agreed to hold the next meeting of the Technical Committee in Azerbaijan.

It should be noted that the relevant agreements on the 240 MW wind power plant project were signed between the Ministry of Energy and Azerenergy OJSC and ACWA Power on December 29, 2020.

During the signing of the agreement, minister Shahbazov noted that the agreement would strengthen the ties between Saudi Arabia and Azerbaijan, and the 240 MW project will contribute to Azerbaijan’s energy diversification and the use of renewable energy sources. Head of the Azerenergy Baba Rzayev noted that the implementation of this project will stimulate the development of national economy, play a special role in ensuring the energy stability of the country, save gas and have a positive impact on the environment.

It should be noted that the use of renewable energy sources has been determined by President Ilham Aliyev as one of the priority spheres for the development of the energy sector, including the implementation of pilot projects on the construction of a 240-megawatt wind farm and a 200-megawatt solar power plant in accordance with the agreements signed.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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