TODAY.AZ / Business

Azerbaijan, UK eye Southern Gas Corridor expansion

10 March 2022 [12:29] - TODAY.AZ

By Azernews


By Ayya Lmahamad

Azerbaijan's Energy Minister Parviz Shahbazov and British Prime Minister's Trade Envoy to Azerbaijan Baroness Emma Nicholson have discussed the possible contribution and expansion of the Southern Gas Corridor.

During the meeting, the parties discussed the role of partnership with BP in the development of energy cooperation between Azerbaijan and the UK. They emphasized the importance of the company's participation in renewable energy projects along with oil and gas.

The parties also discussed the creation of a green energy zone on the liberated territories, the implementation of wind and solar energy projects with foreign companies, as well as the use of offshore wind energy potential of the Caspian Sea.

Moreover, the sides discussed the current situation in the energy markets and issues of energy cooperation between the two countries. The importance of diversification of supplies and attention to the hydrocarbon sector as sustainable solutions for stability in energy markets was noted.

They also exchanged views on the issues arising from the next meeting of the joint intergovernmental commission on economic cooperation between Azerbaijan and the UK, which is to be held in London.

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 $667.8 in 2021. Of the total turnover, Azerbaijani exports to the UK amounted to $396.6 million while import was $271.1 million. The trade turnover between Azerbaijan and the UK resulted in $145.9 million in January 2022.

URL: http://www.today.az/news/business/216864.html

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