At the meeting of Energy Ministers of Azerbaijan and Saudi Arabia signed documents strengthening energy partnership

A meeting was held at the Ministry of Energy between Minister of Energy Parviz Shahbazov and a delegation led by Prince Abdulaziz bin Salman Al-Saud, the Minister of Energy of the Kingdom of Saudi Arabia who is on a visit to our country.

At the meeting, it was noted with satisfaction that there are brotherly relations between Azerbaijan and the Kingdom of Saudi Arabia, and the leaders of the country attach mutual importance to the development of friendly relations and energy cooperation. The importance of the implementation of the Energy Cooperation Agreement and the activities of the Joint Technical Committee in the multilateral development of energy relations between our countries in a bilateral format was discussed. Particularly, the important role of the Green Energy Partnership was emphasized, which strengthens energy cooperation on a long-term basis and ensures solidarity between Azerbaijan and the Kingdom of Saudi Arabia in the fight against climate change and a just energy transition. The sides discussed interactions on achieving success within the framework of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29).

The meeting reviewed the current state of cooperation with ACWA Power on the development of wind power projects with a total capacity of 2.5 GW onshore and offshore. Additionally, the importance of accelerating the implementation of renewable energy projects was noted. Support was expressed for the participation of ACWA Power in renewable energy projects in Azerbaijan, the development of cooperation in the areas of integration of renewable energy sources, production, and transmission of electricity, as well as energy efficiency through the exchange of knowledge and experience. The meeting discussed cooperation in order to achieve success within the COP29, as well as issues of joint cooperation and investment opportunities between SOCAR and Saudi Arabian companies in the fields of oil refining, supply of petrochemical products, low-emission fuel, and technologies.

At the end of the meeting, the Protocol of the Third Meeting of the Joint Technical Committee between the Energy Ministries of both countries was signed. Also, an Implementation Agreement on a 200 MW Battery Energy Storage System (BESS) project and a Framework Agreement on a 200 MW onshore wind energy project were signed between Azerbaijan’s Ministry of Energy and ACWA Power.