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Saudi Arabia to invest in Azerbaijani energy sector [PHOTO]

21 December 2022 12:09 (UTC+04:00)
Saudi Arabia to invest in Azerbaijani energy sector [PHOTO]
Rena Murshud
Rena Murshud
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On December 19, Azerbaijani Foreign Minister Jeyhun Bayramov met with a delegation led by Khalid Bin Abdulaziz Al-Falih, co-chairman of the Intergovernmental Joint Commission between Azerbaijan and Saudi Arabia and Minister of Investment for the Kingdom of Saudi Arabia, Azernews reports per ministry.

"Azerbaijan attaches particular importance to the development of ties with Saudi Arabia, the expansion of cooperation in various fields," stated Azerbaijani Foreign Minister Jeyhun Bayramov at the meeting.

High-level relations between the nations were noted, and cooperation in the areas of the economy, agriculture, energy, and alternative energy sources was praised.

Noting the mutual support within the framework of international organizations, Jeyhun Bayramov expressed his deep appreciation for Saudi Arabia's fair stance on the subject of Azerbaijan's territorial integrity and sovereignty. In turn, the Saudi minister, who visited the liberated lands while in Azerbaijan, praised the restoration efforts.

He added that a lot of Saudi Arabian investors are considering making investments in the energy sector of Azerbaijan, particularly in ecotourism, green energy, and agriculture.

Then an exchange of views took place on issues of bilateral cooperation and regional processes.

Azerbaijan and Saudi Arabia are cooperating in different spheres of the economy, especially in renewable energy. In this context, the agreements on the 240 MW wind power plant project were signed between the Energy Ministry, the Azerenergy OJSC, and Saudi Arabia's ACWA Power on December 29, 2020. A groundbreaking ceremony for the plant to be built took place on January 13. The trade turnover between the two countries amounted to $27 million in 2021.

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