Joint Statement on Energy Cooperation between the Ministry of Energy of the Republic of Azerbaijan and Ministry of Energy of the Kingdom of Saudi Arabia

HRH Prince Abdulaziz Bin Salman, Minister of Energy of the Kingdom of Saudi Arabia met with H.E. Mr. Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan, and hence the following Joint Statement has been issued:

The Republic of Azerbaijan and the Kingdom of Saudi Arabia share a rich historic relationship and aim to further strengthen their ties, as both countries recognize the numerous fruitful opportunities that lie ahead, particularly in the energy sector. 
Moreover, our countries are aligned in their objectives and commitments towards the sustainability of and stability of oil markets for achieving an orderly global energy transition, and ambitiously addressing climate change, to achieve a more sustainable future. 
Both sides agreed to continue their cooperation within the OPEC Plus Declaration of Cooperation and the Charter of Cooperation between Oil Producing Countries, to support global oil market and stability, which serves the interests of both producing and consuming countries and achieves sustainable economic growth. 
Both sides emphasized the importance of enhancing international cooperation in climate action   to advance the objectives, principles, and goals of the United Nations Framework Convention on Climate Change (UNFCCC) and its Paris Agreement, allowing each country to chart its own path based on its national circumstances and approaches through a variety of measures that they can contribute to. Both sides have agreed to cooperate, with the aim of achieving successful, ambitions and comprehensive outcomes at COP29. 
The Republic of Azerbaijan and the Kingdom of Saudi Arabia share common concerns and aspirations regarding ambitious yet balanced and inclusive climate action that takes into account the principles of equity, and common but differentiated responsibilities and respective capabilities, in light of national circumstances. Both sides outlined commitment to advance all viable solutions and technologies that will enable all nations to contribute to global climate action, in a nationally determined manner, while taking into considerations the different national circumstances, pathways and approaches of each country. 
COP29 presents an opportunity to underscore the imperative of economic diversification in a manner that aligns with the needs, priorities, and resources of all nations, particularly in the context of promoting sustainable development and poverty eradication and ensuring energy security. 
Both Sides have been working closely together, with an aim to advance their respective progress in the renewable energy sector, which is yielding promising results. Moreover, they commended the progress and developments of the Kingdom’s successful investment in wind power in Azerbaijan, which is one of the largest foreign investments in Azerbaijan in this area. Both sides agreed to strengthen the ongoing cooperation in electricity and renewable energy through exchanging knowledge and experiences in electricity interconnection and developing renewable energy projects in both countries.  
Both sides recognize the importance of collaboration in the fields of Oil, Gas, Refined Products and Petrochemicals. They engaged in fruitful discussions regarding the potential for joint investment opportunities, the expansion of bilateral trade. 
Both sides emphasized the importance of cooperation in the field of energy efficiency, including energy management system.
Both sides agreed to collaborate on knowledge exchanging on Low-emission fuels and technologies, including Lower Carbon Aviation Fuels (LCAF), and Hydrogen based Synthetic Aviation Fuel (e-fuel) with the aim to introducing efficient fuels that reduces GHG emissions.
Both sides commended the successful outcomes of the third Joint Technical Committee meeting, which took place during the visit. They highlighted the constructive dialogue and enhanced mutual understanding achieved during the meeting, which provided a comprehensive review of the energy-related aspects of their relations across various fields.