Azerbaijan, Saudi Arabia Sign Documents Strengthening Energy Partnership
(MENAFN- AzerNews)
Ulviyya Shahin Read more
Azerbaijan and Saudi Arabia have signed documents strengtheningtheir energy partnership, Azernews reports, citingthe Azerbaijan's Ministry of Energy.
During the visit of Saudi Arabia's Minister of Energy, PrinceAbdulaziz bin Salman Al-Saud, to our country, a meeting took placebetween him and Azerbaijan's Minister of Energy, Parviz Shahbazov,along with their respective delegations.
During the meeting, it was noted with satisfaction that thereare fraternal relations between Azerbaijan and the Kingdom of SaudiArabia, and the importance of the friendly relations between theleaders of the countries and the development of energy cooperationwas emphasized.
The discussions highlighted the significance of bilateral energyrelations and emphasized the importance of the implementation ofthe Energy Cooperation Agreement and the activities of the JointTechnical Committee in fostering mutually beneficial cooperation inthe energy sector. In particular, the crucial role of "greenenergy" partnership in strengthening long-term energy cooperationand the solidarity of Azerbaijan and Saudi Arabia in promoting justenergy transition and combating climate change were underscored were held on cooperation within the framework of the29th session of the Conference of the Parties to the United NationsFramework Convention on Climate Change (COP29) towards achievingsuccesses.
The current status of cooperation with the company "ACWA Power"in the development of wind and offshore energy projects with atotal capacity of 2.5 GW was reviewed during the meeting. Thenecessity of accelerating the implementation of renewable energyprojects was emphasized. Support was expressed for cooperationbetween Azerbaijan and "ACWA Power" in the implementation ofrenewable energy projects, integration of recovered energy sourcesthrough knowledge and experience exchange, electricity production,transmission, and energy efficiency. Additionally, discussions wereheld on collaboration issues and investment opportunities betweenSOCAR and Saudi Arabian companies in the fields of oil production,supply of oil and petrochemical products, low-emission fuels andtechnologies.
At the conclusion of the meeting, the Protocol of the ThirdMeeting of the Joint Technical Committee between the Ministries ofEnergy of both countries was signed. Furthermore, an ExecutionAgreement for a 200 MW Battery Energy Storage System (BESS) projectand a Framework Agreement for a 200 MW wind energy project werealso signed between the Ministry of Energy and "ACWA Power"company.
MENAFN03052024000195011045ID1108170389
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.