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Ministry: Azerbaijan, Russia discuss energy co-op

12 September 2019 [16:55] - TODAY.AZ

By Azernews

By Leman Mammadova

Azerbaijan and Russia cooperate in a number of spheres with energy cooperation being one of the leading directions of this strategic partnership.

The two countries have discussed directions of further cooperation in the energy sector. The discussion was held between Parviz Shahbazov, the Azerbaijani Energy Minister, and his Russian counterpart Alexander Novak on September 11 in Abu Dhabi.

Novak said that the cooperation between the two countries has been going on for many years and is based on strategic partnership. He noted that Russia and Azerbaijan are actively cooperating in a multilateral format as part of the CIS Electric Power Council and OPEC.

He further stressed the ongoing bilateral cooperation in the oil industry between the two countries, particularly in the sphere of oil transportation and the sale of Russian oil products in Azerbaijan.

“Currently, a number of largest Russian oil companies are actively working in this direction in Azerbaijan. The interaction is also underway in the gas sector,” Novak added.

As part of his visit to Abu Dhabi, the Azerbaijani Energy Minister also held discussions on cooperation in renewable energy sources with Mohammed Barkindo, OPEC Secretary General, and Mohammad Abunayyan, Chairman of the Board of ACWA Power company.

Shahbazov and Barkindo discussed the current situation of the global oil markets as well as the development trends in the market, factors affecting oil prices, performance indicators of oil-producing countries under the OPEC+ deal as well as OPEC-Azerbaijan cooperation.

The sides hailed OPEC+ participants for their role in maintaining stability in the oil market. They described OPEC+ format as a successful and effective mechanism in stabilizing oil prices.

By 2030, worldwide energy demand is expected to increase by 45 percent. Hydrocarbons, which are the traditional source of energy used across the world throughout centuries, are gradually depleting, thus, making the use of alternative and renewable energy sources an immediate necessity.

Azerbaijan is taking a number of measures to develop its alternative energy sector and thus lessen its oil-dependency. The share of renewables in the total power generation in Azerbaijan is expected to be 15 percent by 2020, 25-30 percent by 2025 and 35-40 percent by 2030.


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