(MENAFN) In a bid to expand its presence in Central Asia and explore new markets, Saudi Arabia has entered into a comprehensive agreement with Azerbaijan encompassing multiple sectors, including petroleum, petrochemicals, gas, electricity, and renewables. The agreement, aimed at fostering cooperation, particularly emphasizes the promotion of the circular carbon economy concept to reduce emissions, as reported by the Saudi Press Agency. Furthermore, the partnership between Saudi Arabia and Azerbaijan aims to collaborate on innovative technologies like carbon capture and storage to address the challenges posed by climate change.
The agreement was formalized during a meeting held in Riyadh, where Saudi Energy Minister Prince Abdulaziz bin Salman and his Azerbaijani counterpart Parviz Shahbazov signed the accord. As part of the deal, the two nations also expressed their commitment to organizing workshops, seminars, and conferences on energy-related topics, facilitating knowledge exchange and fostering collaboration in the energy sector.
Saudi Arabia has been actively pursuing strategic agreements with various countries, both within the region and beyond, to strengthen its global energy cooperation. This latest agreement with Azerbaijan further signifies the Kingdom's commitment to deepening bilateral relations in all fields, with a particular emphasis on energy collaboration. In recent months, Saudi Arabia has entered into memorandums of understanding with several Arab nations in the energy sector, including Egypt, Oman, Jordan, and Iraq, as stated by the Saudi Energy Minister.
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