Azerbaijan signs energy cooperation agreement with Saudi Arabia

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, 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 partnership.

Energy Minister Parviz Shahbazov said that Saudi Arabia is an important partner and brotherly country of Azerbaijan. The President of Azerbaijan gives great importance to the comprehensive development of our relations built on mutual trust. It was noted that Khizi-Absheron 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 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.

Minister of Energy, Prince Abdulaziz bin Salman Al-Saud called Azerbaijan a friendly country and expressed his support for the development of successful cooperation within OPEC plus on a bilateral basis, including joint green energy projects.

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.