Memorandum of Understanding was signed between the Ministry of Energy and Equinor

Memorandum of Understanding was signed between the Ministry of Energy of the Republic of Azerbaijan and Norwegian Equinor Absheron AS. The Memorandum envisages cooperation in the field of the use of renewable energy sources, the general principles of bilateral cooperation, assessment of renewable energy sources potential, and the creation of suitable conditions for profitable investment in this area.

This document will assist in the development, financing, construction, operation and maintenance of renewable energy projects in Azerbaijan.

Memorandum of Understanding was signed by the Deputy Energy Minister Samir Valiyev and Favad Quraishi, the Country Manager for Equinor Absheron AS.

Samir Valiyev has mentioned about the measures taken in Azerbaijan for the development of renewable energy sector, promotion of investment into this area and the target goals for the future. He noted that the memorandum signed with Equinor is the first step between the parties in the direction of the development of renewable energy sources and will contribute to the development of this sector in Azerbaijan.

Favad Quraishi has emphasized that the development of renewable energy sources is one of the main priority activities for Equinor. He mentioned that with this document, Equinor will further expand cooperation with Azerbaijan, which will create opportunities to realize tangible actions of interests for both countries in renewable energy sector.