Follow us:
  • Facebook
  • Twitter
  • Google+
  • AppStore
  • RSS
Azernews.Az
Tuesday March 2 2021
  • Latest
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel
Home
  • Home
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel

Riyadh, Baku eye economic benefits of expanded energy, investment cooperation

27 April 2017 17:42 (UTC+04:00)
2 605

By Gulgiz Muradova

Azerbaijan and Saudi Arabia took another step forward this week in bolstering the energy cooperation, which can play a significant role in the economies of the two energy-rich nations.

Talks on the partnership in the energy sector, cooperation within oil cut deal and investment opportunities dominated the talks held in Baku within a visit of a delegation led by Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia Khalid Abdulaziz Al-Falih.

President Ilham Aliyev, who received Al-Falih on April 26 stressed that Azerbaijan is interested in expanding relations with Saudi Arabia in various areas.

Praising the high level of political ties, the President underlined the necessity of taking this opportunity to develop the economic cooperation and increase the bilateral trade and mutual export.

Stressing the significance of developing energy resources and cooperation in oil and gas refining and petrochemistry, President Aliyev highlighted Azerbaijan`s accomplishments in this area.

The head of state expressed his confidence that the Saudi Arabian minister`s visit will give new dynamics to the development of energy cooperation between the two countries.

Expressing the Saudi people`s respect for President Aliyev and the government of Azerbaijan, Al-Falih said relations between the two countries and peoples have deep and ancient roots, pointing out centuries-long cultural cooperation.

He said this cooperation has been further expanded under the leadership of President Aliyev.

The minister said Saudi Arabia always supports Azerbaijan`s territorial integrity, adding that the two counties have built strong cooperation and have always supported each other over the past years.

The two are fairly old partners in the Middle East and bilateral relations mainly focused on political cooperation. Azerbaijan and Saudi Arabia promote comprehensive brotherhood based on the mutual respect and sincere friendship. Saudi Arabia is one of the first countries that recognized Azerbaijan’s independence and provided active humanitarian assistance to refugees and IDPs.

Saudi Arabia very much appreciates Azerbaijan’s contribution to the agreement to reduce oil production, which was reached in December 2016 in Vienna, said Al-Falih at a meeting with Energy Minister Natig Aliyev.

Al-Falih said that Azerbaijan is one of the countries that have fulfilled their obligations on oil output cut better than others. The minister emphasized that Azerbaijan reduced oil production to a greater extent than it undertook.

“We have common values; Azerbaijan and Saudi Arabia are very pragmatic with regard to oil production in the long term. We want stability not only for producers, but also for oil consumers,” added the minister.

The participation of Azerbaijan in joint oil production cuts is defined at 35,000 barrels per day. Prior to the landmark deal, the volume of production in the country was at the level of 37.72 million tons of oil, while daily output stood at 829,100 barrels.

Saudi Arabia and a number of other Middle Eastern crude producers reached an initial agreement last week to continue output cuts beyond their June expiry, while Venezuela and Algeria backed an extension on Wednesday.

Azerbaijan also supports prolonging the supply curbs, Al-Falih said after meeting with Aliyev. “We’re totally aligned. We think we need to bring global inventories to where the five-year average should be.”

The Saudi minister also offered the Azerbaijani side to jointly invest in third countries, showing eagerness to expand the areas of interaction.

The offer was well perceived by Natig Aliyev, who stressed that Azerbaijan and Saudi Arabia have great potential.

Azerbaijan’s state oil company SOCAR can participate in the projects in Saudi Arabia, while in its turn Saudi Arabia’s Saudi ARAMCO can take part in the projects in Azerbaijan, Aliyev said.

"We will continue to discuss the possibility of cooperation between SOCAR and ARAMCO in the projects in Azerbaijan and Saudi Arabia, as well as the possibility of joint activity in Turkey," Aliyev said.

Aliyev stressed that Azerbaijan has big plans for the development of production in the petrochemical industry, in particular polypropylene. In this regard, Aliyev called Saudi Arabia for participating in the petrochemical projects.

SOCAR GPC, a gas processing and petrochemical complex of Azerbaijan’s state oil company SOCAR, will be commissioned in Garadagh, 15 km south of Baku in January-March 2022. The cost of the GPC project is approximately $4 billion.

The two countries also eager to cooperate in the non-oil sector in a bid to diversify their energy dependent economies.

Al-Falih, talking to Azertac, said that Saudi Arabia seeks to exchange experience with Azerbaijan regarding the implementation of its economic diversification project designed up to 2030.

“Both countries can benefit from the exchange of experience. Saudi Arabia is ready to invest in Azerbaijan's non-oil sector. We will encourage such giant companies as "Saab" and "Maaden" to invest in Azerbaijan,” he said.

The minister added that export of Azerbaijan’s agricultural products to Saudi Arabia will be one of the next steps in this direction.

“We are also interested in studying Azerbaijan's experience in aluminum. For this purpose, holding of mutual visits and meetings is very important. We have many companies, individuals, funds that are looking for safe high growth economies to invest. I certainly see Azerbaijan in that category. We will encourage them to come and to be part of this industrial and economic diversification story,” he concluded.

--

Follow us on Twitter @AzerNewsAz

  • #OIL PRICES
  • #NATIG ALIYEV
  • #SAUDI ARABIA
  • #AZERBAIJAN

Related News

Strong wind expected in Baku

Strong wind expected in Baku

17:12
Azerbaijan allocates $50,000 in aid to Indonesia after deadly earthquake

Azerbaijan allocates $50,000 in aid to Indonesia after deadly earthquake

16:43
Azerbaijanis in Boston stage silent protest on Khojaly genocide anniversary

Azerbaijanis in Boston stage silent protest on Khojaly genocide anniversary

16:13
National conductor to join Kharkiv Music Festival

National conductor to join Kharkiv Music Festival

15:15
Beekeeping to rapidly develop in liberated Azerbaijani lands - Association

Beekeeping to rapidly develop in liberated Azerbaijani lands - Association

13:27
Azerbaijan celebrates Fire Tuesday

Azerbaijan celebrates Fire Tuesday

12:40
Azerbaijan,Turkey sign protocol of intent on culture co-op <span class="color_red">[UPDATE]</span>

Azerbaijan,Turkey sign protocol of intent on culture co-op [UPDATE]

11:23
Iran interested in rapid revival of liberated territories of Azerbaijan – Iranian Ambassador

Iran interested in rapid revival of liberated territories of Azerbaijan – Iranian Ambassador

11:17
Rainy weather expected on Tuesday

Rainy weather expected on Tuesday

1 March 17:17
President Aliyev inaugurates new projects at Caspian Sea <span class="color_red">[UPDATE]</span>

President Aliyev inaugurates new projects at Caspian Sea [UPDATE]

1 March 16:58
  • Latest
  • Popular
17:12 • Strong wind expected in Baku
17:00 • Israeli expert: Armenia spent $350 million to mine Azerbaijani territories
16:43 • Azerbaijan allocates $50,000 in aid to Indonesia after deadly earthquake
16:30 • Minister says business environment enters recovery period
16:13 • Azerbaijanis in Boston stage silent protest on Khojaly genocide anniversary
15:52 • Prices for Azerbaijani oil announced
15:35 • Azerbaijan, Iran relations at high level – Iranian official
15:15 • National conductor to join Kharkiv Music Festival
14:50 • Azerbaijan to lay multi-kilometre tunnel to Kalbajar
14:35 • SOFAZ's sales of foreign currency hit $437.3m in February
14:18 • Country registers 352 new COVID-19 cases
13:51 • Azerbaijan shares video from Khojavand's Dudukchu village [VIDEO]
13:27 • Beekeeping to rapidly develop in liberated Azerbaijani lands - Association
13:15 • Assessment of cultural heritage of Azerbaijan's Karabakh must be objective - French MP
13:00 • Azerbaijan boosts non-oil exports by 3.7 pct in January
12:40 • Azerbaijan celebrates Fire Tuesday
12:26 • Azerbaijan, Uzbekistan mull Karabakh peace deal, boosting ties
12:24 • Numerous people take part in online survey on return to Azerbaijan’s Nagorno-Karabakh region
12:06 • Victory Museum receives first exhibits [PHOTO]
11:50 • Azerbaijan, Belarus discuss military cooperation
1 March 17:33 • President Aliyev says Armenia must fulfill Karabakh peace deal [UPDATE]
1 March 18:00 • Azerbaijani army's mortar batteries continue live-fire training exercises [VIDEO]
1 March 17:52 • YASHAT foundation sends war veterans to Turkey for treatment [PHOTO]
1 March 17:39 • Azerbaijan SME Dev't Agency expands access of businesses to financial market
1 March 17:24 • Azerbaijani Agency for SMEs talks approval of regulatory acts in 2020
1 March 17:50 • Russia launches its first Arctic-monitoring satellite
11:17 • Iran interested in rapid revival of liberated territories of Azerbaijan – Iranian Ambassador
10:26 • New service of money transfers between Russia, Azerbaijan launched
10:06 • Azercosmos exports services worth $1.9m in January
11:23 • Azerbaijan,Turkey sign protocol of intent on culture co-op [UPDATE]
13:27 • Beekeeping to rapidly develop in liberated Azerbaijani lands - Association
11:50 • Azerbaijan, Belarus discuss military cooperation
12:26 • Azerbaijan, Uzbekistan mull Karabakh peace deal, boosting ties
12:06 • Victory Museum receives first exhibits [PHOTO]
13:00 • Azerbaijan boosts non-oil exports by 3.7 pct in January
12:24 • Numerous people take part in online survey on return to Azerbaijan’s Nagorno-Karabakh region
12:40 • Azerbaijan celebrates Fire Tuesday
14:50 • Azerbaijan to lay multi-kilometre tunnel to Kalbajar
10:54 • AZERNEWS releases another print issue
14:35 • SOFAZ's sales of foreign currency hit $437.3m in February
See more
AzerNews Newspaper
AzerNews
  • Facebook
  • Twitter
  • Google+
  • RSS

Information

About us Contacts Advertising Azernews In Print

News Archive

© 2021 AzerNews. All rights reserved