BAKU, Azerbaijan, April 29. Energy Minister Parviz Shahbazov received a delegation led by Saeed Bin Mubarak Al Hajeri, Minister of State at the Ministry of Foreign Affairs of the United Arab Emirates and discussed strengthening cooperation in energy, Trend reports via the country's Ministry of Energy.
The meeting, held within the framework of the Comprehensive Strategic Partnership between Azerbaijan and the UAE, focused on the current state and prospects of cooperation in areas such as the oil and gas sector, renewable energy, energy efficiency, regional energy corridors, and logistics.
In addition, it was noted that the strategic bilateral relations are based on a high level of political dialogue and the friendly ties established between the heads of state. In particular, the important role of joint projects in the energy sector, as well as the activities of the Cooperation Committee within the framework of the Comprehensive Strategic Partnership between the two nations and its subcommittee on energy, in the development of bilateral cooperation was emphasized.
The meeting focused on the implementation of joint projects involving energy companies from both countries, natural gas exports, and opportunities for accessing European markets through existing infrastructure, given the significant share of hydrocarbons in the global energy mix and the importance of natural gas as a transitional energy source. A 230-MW solar power plant was cited as a successful example of cooperation in the field of renewable energy. It was reported that work would continue with Masdar on the implementation of solar and wind energy projects with a capacity of 1,000 MW. At the same time, an initiative to create an electricity corridor between Azerbaijan and the European Union via the Black Sea, modeled after the Southern Gas Corridor, was discussed. It was noted that this project will play an important role in strengthening Europe’s energy security and energy transition. In addition, information was provided on a joint venture established to build an electricity interconnection between Azerbaijan, Kazakhstan, and Uzbekistan. It was noted that the project is currently in the feasibility study phase and is being financed by the Asian Development Bank and the Asian Infrastructure Investment Bank. Opportunities for cooperation with the UAE in the field of regional energy supply and logistics were discussed.
Moreover, the focus was on expanding cooperation in the field of energy efficiency. In this context, an agreement was reached to share the United Arab Emirates’ best practices regarding the energy service company (ESCO) model and to develop new avenues of cooperation in this area.
