By  Trend

Azerbaijan is ready to sign a memorandum of understanding with Algeria in the field of energy, as stated Azerbaijani Energy Minister Parviz Shahbazov during a meeting with the CEO of Algeria’s Sonatrach oil and gas company Abdelmoumen Ould Kadour, Trend reports referring to the Ministry of Energy of Azerbaijan.

The meeting was held as part of the 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC).

According to the Shahbazov, this document will allow for expanding cooperation between the two countries in the implementation of energy projects, in the fields of the petrochemical industry, transportation and the sale of liquefied gas and oil products.

The 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) was held in Baku on March 18. A day before the JMMC meeting, Baku hosted the 27th meeting of the Joint Technical Commission.

Participants of the meeting discussed the current state of the oil market, existing problems and other issues. The event then featured a presentation on the pace of oil market development, and the report of the Joint Technical Commission on production figures for February.

New members of the JMMC were also elected by the end of the event – Iraq, Kazakhstan, Nigeria and the UAE.