TODAY.AZ / Business

Azerbaijan, UK eye energy cooperation

22 October 2021 [17:59] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Azerbaijan and the UK have discussed specific steps taken towards the implementation of the signed memorandum of understanding on cooperation in the field of transition to clean energy.

The discussion took place during the meeting between Azerbaijan’s Energy Minister Parviz Shahbazov and UK’s Exports Minister Mike Freer, who co-chairs the joint intergovernmental commission on economic cooperation.

At the meeting, Shahbazov and Freer focused on issues arising from bilateral cooperation after the intergovernmental commission meeting held in May 2021.

They underlined the importance of strengthening cooperation in the energy field and exploring opportunities for solving climate change problems.

Moreover, the two ministers expressed confidence that the document signed between the Energy Ministry and BP on solar energy cooperation will expand the collaboration with the company in the renewable energy field, and contribute to the successful continuation of the long-term energy partnership between the two countries.

The officials also discussed the acceleration of work on arranging the Azerbaijani-UK partnership and cooperation agreement project.

Azerbaijan’s Energy Ministry and BP signed an Implementation Agreement to build a 240MW solar power plant in liberated Zangilan and Jabrayil regions.

Earlier, Shahbazov noted that 30 years of successful cooperation between Azerbaijan and the UK in the oil and gas sector entered a new stage of development in line with the global energy sector challenges. The energy sector accounts for $ 28.8 billion out of $ 30.6 billion of the UK investments in Azerbaijan's economy. The UK is also the biggest investor in Azerbaijan.

It should be noted that the trade turnover between the two countries amounted to $550.6 in January-September 2021. Of the total turnover, Azerbaijani exports to the UK amounted to $336.7million while import was $213.9 million. The trade turnover between Azerbaijan and the UK resulted in $454.4 million in 2020.

URL: http://www.today.az/news/business/211267.html

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