Azerbaijan, Ukraine reach agreements on energy field

By Azernews

By Ayya Lmahamad                                                                                   

Baku and Kyiv have reached agreements in the field of energy during the 4th meeting of the Ukrainian-Azerbaijani working group chaired by the two countries’ deputy energy ministers, the Ukraine Embassy reported on its official Facebook page.

During the meeting, the parties agreed on the joint implementation of investment projects in the oil and gas sector and exchange of experience in the context of “green” energy development. Likewise, the agreement was reached on the application of effective mechanisms for regulating energy markets and the continuation of cooperation in the field of energy efficiency and energy saving.

Additionally, it was decided to hold the next meeting of the working group in 2022.

The sides also agreed to continue cooperation in the field of oil transportation, diversification of SOCAR’s (The State Oil Company of Azerbaijan) work in Ukraine, and increasing Azerbaijani companies’ participation in Ukrainian market.

It should be noted that Ukraine was Azerbaijan's second-largest trade partner among the CIS countries with a trade turnover amounting to $771.5 million in 2020. Of the total turnover, export from Azerbaijan to Ukraine amounted to $353 million, while imports from Ukraine amounted to $418.4 million. In addition, the trade turnover between the two countries amounted to $373.5 million during the period of January-May 2021.

Ukraine was among the countries to voice support to Azerbaijan over its just position and its territorial integrity during the 44-day Second Karabakh War. Moreover, Ukrainian companies expressed their interest in participating in the reconstruction work carried out in Azerbaijan’s liberated territories.