SOCAR of Azerbaijan, Saudi Arabian companies identify prospective collaboration areas

By Nazrin Abdul

The energy ministries of Azerbaijan and Saudi Arabia have discussed matters of cooperation and investment opportunities between the State Oil Company of the Azerbaijan Republic (SOCAR) and Saudi Arabian companies in Baku, Azernews reports citing Azerbaijani ministry.

"Discussions revolved around collaborative efforts and investment prospects within the realms of oil refining, petrochemical product supply, low-carbon fuel, and associated technologies," the report says.

The meeting concluded with the signing of the Protocol from the third session of the Joint Technical Committee of Energy Ministries from both countries.

To note, a leading Saudi Arabian company specializing in renewable energy ACWA Power entered the Azerbaijan market in 2019.

In addition to the Khizi-Absheron WPP, ACWA Power has a memorandum of understanding with Azerbaijan's Ministry of Energy to investigate the feasibility of establishing a one-GW onshore wind power plant, a 1.5-GW offshore wind power plant, and the development of hydrogen projects in the nation.

Once operational in 2025, this plant will be Azerbaijan's largest renewable energy facility, capable of producing one billion kilowatt-hours of electricity annually, thereby reducing carbon emissions and preserving natural resources.