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Azerbaijan signs energy cooperation agreement with Saudi Arabia

Azerbaijan’s Energy Minister Parviz Shahbazov met with Prince Abdulaziz bin Salman Al-Saud, Energy Minister of the Kingdom of Saudi Arabia in Vienna. The sides discussed the development of relations between the two countries within OPEC plus, the Joint Technical Committee between the relevant ministries, the cooperation opportunities in renewable energy and other areas.

Discussions on the cooperation potential and proposals in priority areas continued in an expanded format. The ministries in the fields of renewable energy, energy efficiency, hydrogen, oil and gas and petrochemical sectors reviewed the prospects and investment opportunities of cooperation between SABIC and SOCAR. It was noted that high-level interstate relations have created a foundation for deepening energy partnerships.

Mr Shahbazov said that Saudi Arabia is an important partner and brotherly country of Azerbaijan. It was noted that Khizi-Absheron wind power plant (WPP) also opened a new page in our cooperation with the Saudi Arabian company on the development of onshore and offshore wind energy projects with a total capacity of 2.5 gigawatts (GW) and energy storage systems. The commissioning of these projects and the signing of an energy cooperation agreement will contribute to the strengthening of bilateral relations and the versatility of our energy partnership.

After the meeting, the energy cooperation agreement between the Government of the Republic of Azerbaijan and the Government of the Kingdom of Saudi Arabia was signed. The agreement covers cooperation in the fields of petroleum, petrochemical, natural gas, electricity, renewable energy and energy efficiency, as well as carbon capture, recycling, transmission, storage, digital transformation and innovation promotion. According to the document, it is planned to create a Working Group to expand and deepen cooperation in the field of energy.

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