Energy cooperation between Azerbaijan and Korea was discussed

Energy Minister Parviz Shahbazov has received the delegation led by Chong Soo Park, Ministerial Chairman of the Northern Economic Cooperation Committee under the President of the Republic of Korea.

Speaking about the current level of economic trade relations between the two countries, as well as cooperation in the energy field, minister Parviz Shahbazov noted that this visit will contribute to the realization of potential opportunities in the energy field. The Minister brought to attention the development of the oil and gas industry in our country, infrastructure projects of regional and global importance in the field, as well as supply of oil products and liquefied natural gas to the Republic of Korea. It was noted that although Azerbaijan has historically been known as a country rich in hydrocarbon resources, one of the main goals now is to increase the installed capacity of renewable energy sources in our country from to 17% to 30% by 2030: “The Head of State pays special attention to the development of renewable energy. As one of the national priorities for socio-economic development, important strategic tasks have been identified to become a country of “green growth” and achieve a clean environment, as well as to create a “green energy zone” in liberated territories. The steps taken in this direction will provide high support to our targets for renewable energy,” the Minister added. Minister stressed that the liberated areas will become a unique zone in the world with maximum use of renewable energy sources to meet energy needs.

At the meeting, information was also given about the high potential of wind energy in the Caspian Sea, prospects for the production and export of green hydrogen at the expense of this potential, and the cooperation opportunities in the relevant direction were noted. The work done to strengthen the legislative framework in the field of energy was also brought to the attention of the other party.

Chong Soo Park, Ministerial Chairman of the Northern Economic Cooperation Committee, informed about Korea's new Northern Policy and noted that although Azerbaijan is geographically the furthest among the 14 countries covered by the policy, the two countries have close relations. He spoke about Korea's energy policy, the work done in the direction of using renewable energy sources and protecting the environment. Noting that there are well-known companies operating in his country in the field of “green energy”, including hydrogen energy, the Chairman said that Azerbaijan's goals in this direction create potential for cooperation with Korean companies.

During the meeting, the importance of the event for Korean companies operating in the field of “green energy” on the relevant investment opportunities in Azerbaijan was noted. The sides exchanged views on prospects for cooperation in various fields in the energy sector.