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President approves energy co-op agreement with Czech Republic

20 December 2021 15:35 (UTC+04:00)
President approves energy co-op agreement with Czech Republic

By Ayya Lmahamad

Azerbaijani President Ilham Aliyev has signed a decree approving the "Agreement on cooperation in the energy sphere between Azerbaijan's Energy Ministry and the Czech Republic's Industry and Trade Ministry", Azeertag reported on December 20.

After the agreement's entry into force, the Azerbaijani Energy Ministry was instructed to implement its provisions, and the Azerbaijani Foreign Ministry - to send a notice to the Czech government on the implementation of internal procedures for the entry into force of the document.

It should be noted that the Azerbaijani Energy Ministry and the Czech Republic’s Industry and Trade Ministry signed an agreement on energy cooperation on September 30.

The agreement envisages the expansion of bilateral cooperation in the spheres of oil and gas, petrochemicals, renewable energy, including bioenergy in the field of energy, and the establishment of relations between the relevant sectors in line with both countries' national legislation.

The document also covers the development of energy efficiency and energy-saving cooperation in the residential sector and large energy enterprises, and the matters such as the mutual exchange of information and practices, training sessions, joint seminars, conferences, and forums.

The document also expresses support for the implementation of joint energy projects with third countries. Under the agreement, it is planned to establish a joint working group on energy cooperation.

Azerbaijan and the Czech Republic cooperate in different spheres of the economy. Around 30 companies with the Czech capital operating in Azerbaijan. The Czech Republic had invested $37.2 million in Azerbaijan, while Azerbaijan’s investment in the Czech Republic amounted to $48.2 million in 1995-2021.

It should be noted that the trade turnover between Azerbaijan and the Czech Republic amounted to $194.8 million in the first 10 months of 2021.

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

Follow us on Twitter @AzerNewsAz

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