Azerbaijan, Saudi Arabia sign documents strengthening energy partnership

Azerbaijan and Saudi Arabia have signed documents strengthening their energy partnership, Azernews reports, citing the Azerbaijan's Ministry of Energy.

During the visit of Saudi Arabia's Minister of Energy, Prince Abdulaziz bin Salman Al-Saud, to our country, a meeting took place between him and Azerbaijan's Minister of Energy, Parviz Shahbazov, along with their respective delegations.

During the meeting, it was noted with satisfaction that there are fraternal relations between Azerbaijan and the Kingdom of Saudi Arabia, and the importance of the friendly relations between the leaders of the countries and the development of energy cooperation was emphasized.

The discussions highlighted the significance of bilateral energy relations and emphasized the importance of the implementation of the Energy Cooperation Agreement and the activities of the Joint Technical Committee in fostering mutually beneficial cooperation in the energy sector. In particular, the crucial role of "green energy" partnership in strengthening long-term energy cooperation and the solidarity of Azerbaijan and Saudi Arabia in promoting just energy transition and combating climate change were underscored. Discussions were held on cooperation within the framework of the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) towards achieving successes.

The current status of cooperation with the company "ACWA Power" in the development of wind and offshore energy projects with a total capacity of 2.5 GW was reviewed during the meeting. The necessity of accelerating the implementation of renewable energy projects was emphasized. Support was expressed for cooperation between Azerbaijan and "ACWA Power" in the implementation of renewable energy projects, integration of recovered energy sources through knowledge and experience exchange, electricity production, transmission, and energy efficiency. Additionally, discussions were held on collaboration issues and investment opportunities between SOCAR and Saudi Arabian companies in the fields of oil production, supply of oil and petrochemical products, low-emission fuels and technologies.

At the conclusion of the meeting, the Protocol of the Third Meeting of the Joint Technical Committee between the Ministries of Energy of both countries was signed. Furthermore, an Execution Agreement for a 200 MW Battery Energy Storage System (BESS) project and a Framework Agreement for a 200 MW wind energy project were also signed between the Ministry of Energy and "ACWA Power" company.