A Meeting was held at the Ministry of Energy with the Chief Executive Officer of bp

A meeting was held between Azerbaijan’s Minister of Energy Parviz Shahbazov and Chief Executive Officer of bp Meg O’Neill.

During the meeting, the sides expressed satisfaction with the expansion of the long-term strategic energy partnership and cooperation on energy security projects between Azerbaijan and bp into the fields of renewable energy and decarbonization. It was noted that the Azerbaijan-bp partnership has more than 30 years of history and this cooperation has delivered significant results in difficult times. The implementation of the Shafag project in the liberated territories was highly appreciated, especially the establishment of a mechanism enabling the virtual transmission of green electrons from Jabrayil. It was noted that this mechanism represents an important and innovative step toward a new stage in regional decarbonization and energy transmission models.

During the meeting, information was provided on the reforms being implemented in Azerbaijan’s energy sector. It was noted that the country is gradually transforming from a traditional oil and gas exporter into a renewable energy producer, with its energy strategy based on a balanced approach encompassing oil, gas, hydropower, wind, and solar energy. The discussions also focused on the Caspian Sea’s 157 GW wind energy potential, as well as regional energy interconnector projects. It was noted that in light of the growing global electricity demand, Azerbaijan has identified the export of electricity as a priority direction. It was further emphasized that future interregional and international connectivity will play a decisive role not only in decarbonization efforts but also in ensuring energy security.

The sides expressed mutual interest in further expanding cooperation between Azerbaijan and bp. They also exchanged views on developments in global energy markets.