The Ministry of Energy of the Republic of Azerbaijan and the Ministry of Energy, Industry and Natural Resources of the Kingdom of Saudi Arabia discussed the opportunities for cooperation

The first meeting of the Joint Technical Commission was held in order to expand energy cooperation between the Ministry of Energy of the Republic of Azerbaijan and the Ministry of Energy, Industry and Natural Resources of the Kingdom of Saudi Arabia.

Commissioner for Azerbaijan, the Deputy Minister of Energy, Samir Valiyev mentioned that the two countries have developed relations with the rising trend line in all directions, and intensive cooperation in OPEC+ format, as well as initiatives for organization of the next meeting of the Joint Monitoring Committee of OPEC and Non-OPEC countries in Baku in March 2019 serve for the promotion and development of these relationships. It was noted that there are great opportunities for further cooperation in the energy sector, and meetings of the Technical Commission will contribute to the realization of this potential.

Shaker Mahrous, the Commissioner for Saudi Arabia and the International Relations Adviser to the Minister of Energy, Industry and Natural Resources, underlined that achieving the development of multilateral energy cooperation meets the common interests of both countries.

The cooperation opportunities in oil production, processing and export to the international markets, expanding the relations between Saudi Aramco and SOCAR, the prospects of SABIC's cooperation with Azerbaijan in petrochemical projects, as well as opportunities for cooperation in renewable energy, energy efficiency and energy sector were also discussed during the meeting. It was noted that Saudi Arabia intends to share its experience with Azerbaijan on the use of renewable energy sources along with the oil and gas sector and attract Arab companies into this segment.

The delegates were also informed regarding the current works carried out for the creation of a legislative foundation in the field of renewable energy, attraction of the private sector into this area, cooperation with international companies and etc. during the event.

The cooperation opportunities in the field of natural resources production, joint workshops on energy efficiency, exchange of experience were also discussed during the meeting. The importance of preparing and signing a memorandum of understanding between the ministries was emphasized in order to strengthen bilateral cooperation.

At the end of the event, both sides signed the protocol on the outcome of the meeting.