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Tuesday January 31 2023

Azerbaijan, UK discuss cooperation with bp in green energy dev’t

19 October 2022 12:44 (UTC+04:00)
Azerbaijan, UK discuss cooperation with bp in green energy dev’t

By Ayya Lmahamad

Azerbaijan and the UK have discussed the country’s cooperation with bp in the green energy development sector, Azernews reports.

The discussion took place during the meeting between Azerbaijan’s Energy Minister Parviz Shahbazov with British ambassador Fergus Auld.

At the meeting, the parties noted that bp occupies a special place as a strategic partner and leading investor in the oil and gas sector of Azerbaijan.

The parties also discussed the activities of the joint intergovernmental commission on economic cooperation between the two countries in expanding mutual relations, including the development of relations in the energy sector.

They exchanged views on the implementation of the minutes of the 5th meeting of the commission and issues related to the next meeting.

Moreover, information was provided on increasing natural gas exports from Azerbaijan to Europe and the potential of onshore and offshore renewable energy sources in Azerbaijan.

The sides discussed potential cooperation opportunities in the sectors of decarbonization, wind and solar energy, green hydrogen and green electricity export, energy efficiency, and other directions.

Azerbaijan and the UK are cooperating in different sectors of the economy. There are already 30 years of successful cooperation between the two countries in the oil and gas sector, which entered a new stage of development in line with the challenges of the global energy sector. The energy sector accounts for $28.8 billion out of $30.6 billion of the UK investments in Azerbaijan's economy. The UK is also the biggest investor in Azerbaijan.

The trade turnover between the two countries amounted to $667.8 in 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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