Baku, Prague mull energy co-op amid preparing for setting up joint working group

By Azernews

By Ayya Lmahamad

Azerbaijan and the Czech Republic have discussed the energy cooperation issues between the two countries, Azernews reports, citing the Energy Ministry.

The discussion took place during the meeting between Azerbaijan's Energy Minister Parviz Shahbazov and outgoing Czech Ambassador Milan Ekert.

At the meeting, the parties discussed the energy cooperation agreement signed between Azerbaijan's Energy Ministry and Czech Republic's Industry and Trade Ministry.

They also exchanged views on the establishment of a joint working group and holding its first meeting.

On September 30, 2021, Azerbaijan and the Czech Republic signed an agreement on energy cooperation. The agreement envisages the expansion of bilateral cooperation in the spheres of oil and gas, petrochemicals, renewable energy, including bioenergy in the field of energy, and the establishment of relations between the relevant sectors in line with both countries' national legislation. The document also covers the development of energy efficiency and energy-saving cooperation in the residential sector and large energy enterprises, and the matters such as the mutual exchange of information and practices, training sessions, joint seminars, conferences, and forums.

Azerbaijan and the Czech Republic cooperate in different spheres of the economy. Around 30 companies with the Czech capital operating in Azerbaijan. The Czech Republic had invested $37.2 million in Azerbaijan, while Azerbaijan’s investment in the Czech Republic amounted to $48.2 million during the period from 1995 to 2021.

Incidentally, the trade turnover between Azerbaijan and the Czech Republic amounted to $307.4 million in 2021.