TODAY.AZ / Business

Istanbul to host 2nd Azerbaijan-Turkiye Energy Forum

06 October 2022 [16:18] - TODAY.AZ

By Azernews

By Ayya Lmahamad

The 2nd Azerbaijan-Turkiye Energy Forum will be held in Istanbul, Turkiye on October 5-6, Azernews reports.

On the first day of the two-day forum, meetings of joint working groups on hydrocarbon and petrochemical products, renewable energy use and energy efficiency, the electric energy market, electricity distribution and transmission, as well as energy regulation will be held.

On the second day of the event, the speeches of a number of high officials, including Azerbaijan’s Energy Minister Parviz Shahbazov and Turkiye’s Energy and Natural Resources Minister Fatih Donmez, are expected.

Moreover, the signing of the protocol on the outcomes of the forum is expected as well.

To note, the Azerbaijan-Turkiye Energy Forum was established within the intergovernmental commission on economic cooperation between the two countries in order to further strengthen strategic energy cooperation.

The first forum was held on December 21-22, 2021 in Baku. A number of agreements were signed on the results of the first forum, including the memorandum of understanding on the supply of natural gas, an agreement on cooperation in the mining industry, a memorandum of understanding on cooperation in the field of mining, a memorandum of understanding on cooperation in the field of earth sciences, as well as a protocol on cooperation between Azerenergy OJSC and Turkiye Elektrik Iletim AS.

Azerbaijan and Turkiye collaborate in a variety of economic sectors and have completed major energy and infrastructure projects, such as Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Kars, and TANAP.

In 2021, Azerbaijan and Turkiye signed the Shusha Declaration on Allied Relations, which focuses on defense cooperation, promoting regional stability, prosperity, and establishing new transport routes.

The two countries set up a goal to bring the mutual trade turnover to $15 billion in 2023. As of 2021, the trade turnover between the two countries amounted to $4.6 billion. So far, Turkiye is Azerbaijan’s second-largest investor followed by the UK.

Additionally, Turkiye was one of the first countries that expressed its interest and readiness to participate in the restoration of Azerbaijan’s liberated territories.


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