Azerbaijan, UK mull bilateral energy cooperation

By Azernews

By Ayya Lmahamad

Azerbaijan and the United Kingdom have discussed the mutual strategic relations between the two countries in the energy field, along with other areas.

The discussion took place during the meeting between Azerbaijan's Energy Minister Parviz Shahbazov with a delegation led by the head of the UK-Azerbaijan inter-parliamentary friendship group, member of the UK House of Commons Bob Blackman.

Speaking about BP's activities in Azerbaijan as a long-term strategic partner in the oil and gas sector, the parties noted that the completion of the Southern Gas Corridor project is the result of joint efforts and cooperation in this direction will continue successfully.

The sides also discussed the opportunities created as a result of cooperation with the company in the direction of decarbonisation of energy and transport systems in Azerbaijan for the implementation of renewable energy projects.

Moreover, recover and reconstruction of liberated territories, measures taken to attract foreign investment and joint cooperation with BP in these areas in the field of renewable energy were discussed.

The parties expressed confidence that the planned solar power plant project will contribute significantly to the cooperation in the field of green energy in Jabrayil region.

During the meeting, the sides also exchanged views on other issues of mutual interest arising from the memorandum of cooperation between the two countries in the field of transition to clean energy.

Azerbaijan and the UK are cooperating in different spheres of the economy. There are already 30 years of successful cooperation between the two countries in the oil and gas sector, which entered a new stage of development in line with the challenges of the global energy sector. 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.