Broadening of energy cooperation with Saudi Arabia was discussed at the Ministry of Energy

The Minister of Energy Parviz Shahbazov received the delegation led by Ibrahim bin Abdulrahman Al-Omar, the Head of Saudi Arabia's General Investment Authority, co-chair of Saudi Arabia-Azerbaijan Intergovernmental Commission. During the meeting, the parties discussed the issues associated with the development of bilateral relations in the field of economy and energy originated from historical roots and friendship principles. In addition, discussions focused on identifying new areas of cooperation and attracting investment.

The Minister of Energy Parviz Shahbazov provided detailed information on current level of cooperation with Saudi Arabia within OPEC+ framework and bilateral format, the current situation in the country's oil and gas industry, renewable energy, as well as planned projects and new opportunities. The Minister pointed out the activities of the Joint Technical Commission between relevant ministries of the two countries as an important step towards the implementation of new cooperation proposals.

Ibrahim bin Abdulrahman al-Omar pointed out that Saudi Arabia would be interested in expanding the cooperation and investing in energy sector along with agriculture, tourism and transport sectors. To achieve this goal, the Road Map should be developed in order to ensure interaction between companies of both countries.

The sides exchanged views on the participation of Saudi Arabian companies in the field of petrochemicals, gas processing, as well as on signing a memorandum of understanding with ACWA Power on renewable energy.