(MENAFN- AzerNews) By Leman Mammadova
Azerbaijan's cooperationwith Saudi Arabia on energy sectorhasentered a new phase. Two countries will cooperatein the field of renewable energy sources.
Azerbaijani Ministry of Energy and Saudi Arabian company ACWA POWER signed a memorandum of understanding on renewable energy following the meeting between Azerbaijani Energy Minister Parviz Shahbazov and Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia Khalid bin Abdulaziz Al-Falih on March 17.
The document was signed by Deputy Energy Minister Samir Valiyev and Director of ACWA POWER Ayad Al Amri.
The Memorandum of Understanding defines the basic principles of cooperation in investing in the use of renewable energy sources in Azerbaijan, capacity building and conditions for it.
Speaking at the signing ceremony, Shahbazov stressed that the 27th meeting of the Joint Technical Commission is being held today, while the 13th meeting of the Joint OPEC and non-OPEC Ministerial Monitoring Committee will be held on March 18.
Speaking about the meeting that was held, Shahbazov stressed that the sides discussed a wide range of issues. 'We discussed many issues of bilateral cooperation and a number of projects, the minister said. 'Of course, an important part of the negotiations were the issues related to OPEC and tomorrow's meeting.
Samir Valiyev noted that the Ministry of Energy is cooperating with international companies to ensure efficient utilization of rich renewable energy sources in Azerbaijan, to strengthen energy security and diversify the country's power generation capacity.
'At present, a legislative framework for the development of renewable energy is being prepared and mechanisms are developed to attract investors. Cooperation with ACWA POWER will contribute to the effective organization of activities in this area, to study and apply advanced experience in reducing renewable energy production costs, and to the future implementation of renewable energy projects, added Deputy Minister.
As a company mainly specializing in renewable energy sources and seawater desalination, ACWA POWER is implementing energy and water projects. The company is currently implementing wind and solar energy projects in Asia and Africa, including Egypt, Jordan and other countries.
The Azerbaijani government is planning to increase the share of alternative energy by 30 percent by 2030 in total power generation.
The capacity of the energy system of Azerbaijan is more than 6,000 megawatts. At the same time, according to the experts, the potential of renewable energy sources in the country is more than 25,300 megawatts.
At present, 18 percent of electricity production in Azerbaijan fell on alternative energy sources, in which hydro power plants hold main share, although most of the country's potential in this area falls on solar energy (estimated at 5,000 megawatts). Some 4,500 megawatts accounts for wind power, 1,500 megawatts -- for biomass, 800 megawatts -- for geothermal energy, and the remaining 350 megawatts -- for the small hydro power plants (HPP).
Azerbaijan is planning to introduce the new draft law on alternative energy sources by May 2019. In this context, the Norwegian DNV GL helps create a support system and a legal framework in Azerbaijan's alternative energy sector.
The Energy Ministry is cooperating with BP, Totaland Equinor to develop alternative energy cooperation as well.
Baku hosted the 27th meeting of the Joint Technical Commission of the OPEC and non-OPEC Countries and the Joint Monitoring Committee held on March 17.
The participants discussed the current situation in the oil market, existing problems and other issues. The presentation on the pace of development of the oil market was held and the report of the Joint Technical Commission on oil production indicators for February was heard during the meeting.
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