Azerbaijan, UAE discuss investment opportunities, prospects for joint projects

By Azernews

By Ayya Lmahamad

Azerbaijan and the United Arab Emirates have discussed the potential investment opportunities and prospects for joint projects, Azernews reports.

The discussion took place during the meeting between Azerbaijan's Economy Minister Mikayil Jabbarov and United Arab Emirates National Oil Company Chairman Saeed Mohammed Ahmed Al Thayer.

"During the meeting with Saeed Mohammed Ahmed Al Thayer, Chairman of the National Oil Company of the United Arab Emirates (@enoc_official), we discussed trade cooperation between #SOCAR and #ENOC, potential #investment opportunities, as well as prospects for joint projects," Jabbarov wrote on his official Twitter page.

Moreover, Jabbarov held a meeting with the UAE's Industry and Advanced Technology, ADNOC's Managing Director and Group CEO, and Masdar's Chairman Minister Sultan Al Jaber. During the meeting, they discussed cooperation in oil and gas production, as well as petrochemical projects.

"We held a meeting with Sultan Al Jaber, Minister of Industry and Advanced Technology of the United Arab Emirates (@MoIATUAE), Managing Director and Group CEO of #ADNOC (@AdnocGroup) and Chairman of @MasdarCompany. During the meeting we talked about successful #economic relations between our countries, cooperation in #oil and #gas production and #petrochemical projects, as well as expansion of partnership on #greenenergy production," Jabbarov wrote.

Diplomatic relations between Azerbaijan and the United Arab Emirates were established on September 01, 1992. The trade turnover between the two countries amounted to $50.4 million in 2021.

Last year, Azerbaijan and the UAE signed agreements on pilot projects in renewable energy. Under the agreement, the building of a 230-MW solar power plant is envisaged. On March 15, a groundbreaking ceremony for the 230 MW Garadagh solar power plant, to be constructed by the United Arab Emirates' Masdar company, was held in Baku’s Gulustan Palace. The plant is designed to produce 500 million kWh of electricity per year and supply it to approximately 110,000 households. It will reduce gas consumption by 110 million cubic meters and environmental emissions by 200,000 tons.