First meeting of Joint Working Group on energy cooperation between Azerbaijan and Saudi Arabia was held

On April 24, the first meeting of the Joint Working Group on energy cooperation between the Republic of Azerbaijan and the Kingdom of Saudi Arabia was held online at the Ministry of Energy.

At the meeting co-chaired by Deputy Minister of Energy Orkhan Zeynalov and Deputy Minister of Energy of the Kingdom of Saudi Arabia Nasser Al-Dossary, the dynamics of the development of cooperation between the two countries in the field of energy was highly appreciated.

The meeting discussed the purchase and sale of oil and oil products, the supply of oil products by SOCAR in the direction of Saudi Arabia, the possibilities of trade and joint investments in the petrochemical sector. The two countries expressed satisfaction with the cooperation in the OPEC plus format.

Cooperation projects with ACWA Power of the Kingdom of Saudi Arabia within the dynamically developing relations in the field of renewable energy were discussed. The issues arising from the documents signed with the company on the joint development of wind, solar, green hydrogen, as well as other potential projects related to them, and concrete steps in the field of project implementation were discussed.

At the meeting, issues such as energy regulation, energy efficiency and the transfer of green energy produced in Azerbaijan to Europe were also considered. It was agreed that the two countries will cooperate within the possible Green Energy Transition Initiatives under the COP29 chairmanship of Azerbaijan.

The representatives from SOCAR and Azerenergy OJSC, along with the Ministry of Energy from Azerbaijan attended at the meeting.