Azerbaijan and UK study energy cooperation

Baku, October 22, AZERTAC

Azerbaijan and the United Kingdom discussed concrete steps taken to implement the signed Memorandum of Understanding on cooperation in the transition to clean energy.

The discussion took place during the meeting between Azerbaijani Energy Minister Parviz Shahbazov and British Export Minister Mike Freer, who chairs the Intergovernmental Committee for Economic Cooperation, according to AZERTAC.

At the meeting, Shahbazov and Freer focused on issues arising from bilateral cooperation after the meeting of the Intergovernmental Committee in May 2021.

They stressed the importance of enhancing energy cooperation and exploring opportunities to solve climate change problems.

In addition, the two ministers expressed their confidence that the document signed between the Ministry of Energy and BP on cooperation in the field of solar energy will expand cooperation with the company in the field of renewable energies and will contribute to the continuation of the success of a long-term partnership in the field of energy between the two countries.

The officials also talked about accelerating work on organizing the draft Partnership and Cooperation Agreement between Azerbaijan and the United Kingdom.

It is worth noting that the Azerbaijani Ministry of Energy and BP signed an implementation agreement for the construction of a 240 MW solar power plant in Zangilan and Jabriel provinces.

Earlier, Shahbazov noted that 30 years of successful cooperation between Azerbaijan and the UK in the oil and gas sector has entered a new stage of development in line with the challenges of the global energy sector. The energy sector represents $28.8 billion of the $30.6 billion UK investment in the Azerbaijani economy. The United Kingdom is also the largest investor in Azerbaijan.

It should be noted that the turnover between the two countries amounted to 550.6 dollars in the period from January to September 2021. Of the total turnover, Azerbaijani exports to the UK amounted to 336.7 million dollars, while imports amounted to 213.9 million dollars. The turnover between Azerbaijan and the UK amounted to $454.4 million in 2020.