Baku, Moscow discuss cooperation under OPEC+ format

By Azernews

By Ayya Lmahamad

Azerbaijan and Russia have discussed cooperation within the OPEC plus format, Azernews reports.

The discussion took place during a meeting between Azerbaijan's Energy Minister Parviz Shahbazov and Russia's Deputy Prime Minister Alexander Novak on the margins of Russian Energy Week in Moscow.

"In Moscow, we had fruitful discussions with A. Novak, Russian Deputy Prime Minister, on bilateral and global energy agenda issues," Parviz Shahbazov tweeted.

During the meeting, the parties expressed satisfaction with the development of relations between the two countries, which rose to the level of alliance in all spheres.

They discussed issues related to the development of bilateral relations in the energy sector, as well as prospects for expanding energy cooperation in the electricity, renewable energy, oil and gas sectors.

Moreover, the parties also exchanged views on the work done toward the creation of the North-South electric corridor.

Parviz Shahbazov arrived in Moscow at the invitation of Alexander Novak to participate in the Russian Energy Week International Forum, being held from October 12 to 14.

Azerbaijan and Russia cooperate in different sectors, such as the economy, agriculture, customs, communications, high technology, and others. Over 230 intergovernmental and intercompany documents have been signed between the two countries and six "road maps" are being implemented.

Azerbaijan's investments in the Russian economy have exceeded $1.2 billion, with the lion’s share of it invested in the non-oil sector. In addition, Russian investments in Azerbaijan's economy totaled $6.3 billion, with $5 billion in the oil sector and $1.3 billion in the non-oil sectors.

The trade turnover between Azerbaijan and Russia amounted to $2.9 billion in 2021, making Russia Azerbaijan’s third-largest partner.