Azerbaijan and the United Kingdom study energy cooperation

Baku, October 22, Azartec

Azerbaijan and the United Kingdom have discussed concrete steps taken for the implementation of the Memorandum of Understanding on Cooperation in the Field of Transition to Clean Energy.

The discussion came during a meeting between Azerbaijan’s Energy Minister Parviz Shahbazov and UK Export Minister Mike Freir, who co-chairs the Joint Intergovernmental Commission on Economic Cooperation, AZERTAC reports.

In the meeting, Shahbazov and Freire focused on issues arising from bilateral cooperation after the Intergovernmental Commission meeting in May 2021.

They stressed the importance of strengthening cooperation in the energy sector and exploring opportunities to solve the problems of climate change.

In addition, the two ministers expressed confidence that the document signed on cooperation in the field of solar energy between the Ministry of Energy and BP will expand cooperation with the company in the field of renewable energy and contribute to the successful continuation of this project . Long term energy partnership between the two countries.

The officials also called for expediting work to organize a draft partnership and cooperation agreement between Azerbaijan and the United Kingdom.

It should be recalled that the Azerbaijani Ministry of Energy and BP signed an implementation agreement to build 240MW solar power plants in the Zangilan and Jabrayil districts.

Earlier, Shahbazov noted that 30 years of successful cooperation between Azerbaijan and the UK in the oil and gas sector has ushered in a new phase of development in line with the challenges of the global energy sector. The energy sector accounts for $28.8 billion of the UK’s $30.6 billion investment in the Azerbaijani economy. The UK is also the largest investor in Azerbaijan.

It should be noted that the trade between the two countries stood at $550.6 in January-September 2021. Of the total turnover, Azerbaijan’s exports to the UK were $336.7 million, while imports were $213.9 million. The turnover between Azerbaijan and the United Kingdom in 2020 was $454.4 million.