Azerbaijan's SOCAR Green Focuses On Optimizing Investments In Geothermal Energy Dev't

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 7.​ SOCAR Green aims to optimize its investments in geothermal energy development, said Elmir Musayev, the company's General Director, at an event on "Innovative Pathways to a Greener Future: Renewable Energy and Emission Reduction" at ADA University, Trend reports.

"We are working on developing the geothermal energy sector in Azerbaijan. This sector has barely developed throughout the history of Azerbaijan. Some studies were conducted during the Soviet period and later, but in general, there is a lack of information regarding the country's geothermal potential," he said.

Musayev noted that geothermal projects require substantial investments at the initial stage but hold high profitability potential, which could provide effective solutions to energy challenges. However, the high entry barriers remain a significant restraining factor.

"To avoid mistakes and unnecessary investments, we aim to collaborate with foreign companies that have deep knowledge and experience in this field. This will allow us to leverage their expertise, share risks, and jointly bear responsibility and, of course, share the profits," he added.

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