(MENAFN- AzerNews) By Ayya Lmahamad
Azerbaijan and the World Bank have discussed the work done in
the direction of energy transition in the country, Azernews
reports.
The discussion took place during a meeting between Azerbaijani
Deputy Energy Minister Samir Valiyev and the World Bank delegation
led by Regional Director for the South Caucasus Sebastian
Molineus.
During the meeting, the parties discussed wind and solar energy
projects implemented in Azerbaijan at the expense of foreign
investments, and the creation of a green energy zone in the
liberated territories.
Touching upon the future green energy export opportunities of
Azerbaijan and the importance of the Black Sea submarine power and
digital connectivity projects in this direction, they emphasized
the participation of the World Bank in this project.
Moreover, the issues arising from the memorandum of
understanding on cooperation in the use of offshore wind energy,
signed between the Energy Ministry and the International Finance
Corporation, as well as steps taken to realize the wind energy
potential of the Azerbaijani section of the Caspian Sea were
discussed.
The sides also exchanged views on the liberalization of the
electricity market, energy efficiency, green hydrogen export, and
other areas, as well as new cooperation opportunities.
In the meantime, a meeting was also held between the WB
delegation and Azerbaijani State Oil Company President Rovshan
Najaf.
Noting that the effective cooperation between Azerbaijan and the
World Bank is successfully developing, the sides emphasized that
various projects implemented by the bank in the country have made
an important contribution to the sustainable development of the oil
and gas industry.
The strategic role of the Southern Gas Corridor project from the
standpoint of regional and European energy security was discussed,
and the importance of mutually beneficial cooperation with the
World Bank in this regard was underscored.
The meeting also discussed prospects for cooperation in ecology,
renewable energy, decarbonization, and digitalization sectors.
Azerbaijan joined the WB in 1992. Since then, the bank has
financed over 50 projects with total commitments of $4.4 billion.
It started economic cooperation in Azerbaijan to help increase the
country's institutional capacity and build efficient oil reserves
management. The WB has always supported the large-scale reforms
carried out in Azerbaijan.
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Ayya Lmahamad is AzerNews' staff journalist, follow her on
Twitter: @ayyalmahamad
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Tags: azerbaijan socar world bank cooperation energy ministry