Azerbaijan, Iraq mull oil, gas cooperation

By Azernews

By Ayya Lmahamad

Azerbaijan’s Energy Minister Parviz Shahbazov and Iraq’s Oil Minister Ihsan Abdul-Jabbar Ismail Al-Said have discussed the development of cooperation between the two countries in the field of oil and gas.

During the meeting, the energy minister briefed his Iraqi counterpart on Azerbaijan’s achievements in the oil and gas sector and its contribution to ensuring regional and international energy security through the establishment of a diversified infrastructure system.

The minister also spoke about the role of the Southern Gas Corridor in the growth of gas production and export.

Shahbazov gave information about the measures taken to expand the use of renewable energy and to transform Karabakh and East Zangazur into a “green energy” zone in accordance with modern trends.

He noted that the president’s strategic decisions, which promote the implementation of the national priority of the Clean Environment and Green Growth country in the next decade and the establishment of the “green energy" zone in our liberated territories, open up new opportunities for energy cooperation.

Stressing that the experience of successful cooperation with foreign investors in Azerbaijan’s oil sector has already expanded towards the renewable energy sector, the minister assessed new opportunities in the context of the development of energy cooperation between the two countries.

“High level of relations between the two countries and joint participation in the process of regulating the global oil market is the basis for our future cooperation. The supply of Iraq`s crude oil and oil products to the world market by SOCAR and the energy cooperation within the OPEC plus are available. We can assess the prospects to expand energy cooperation,” he said.

In turn, Iraq’s president spoke about his country’s experience in the oil and gas sector and praised Azerbaijan’s support in balancing the oil market.

It was noted that Iraq is interested in intensive cooperation with Azerbaijan in the fields of oil and gas and processing.

The parties also exchanged views on Iraq's course on renewable energy and the present situation in the global energy market.

It should be noted that the trade turnover between the two countries amounted to $11 million in the first eight months of 2021.