Saudi Arabia and Azerbaijan Strengthen Energy Cooperation with Joint Statement
Recognizing the abundant opportunities in the energy sector, both countries expressed their mutual desire to deepen cooperation and collaboration.
May 09, 2024. By Abha Rustagi
Prince Abdulaziz Bin Salman, Minister of Energy of the Kingdom of Saudi Arabia, met with Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan to enhance bilateral ties and foster cooperation in the energy sector. Following their meeting, a joint statement was issued outlining the shared goals and commitments of both nations.
The Republic of Azerbaijan and the Kingdom of Saudi Arabia, bound by a long-standing historic relationship, reaffirmed their commitment to strengthening their ties. Recognizing the abundant opportunities in the energy sector, both countries expressed their mutual desire to deepen cooperation and collaboration.
Central to their shared objectives is the sustainability and stability of oil markets, as well as addressing the challenges of climate change. Both sides reiterated their commitment to the OPEC Plus Declaration of Cooperation and the Charter of Cooperation between Oil Producing Countries. This commitment aims to support global oil market stability and sustainable economic growth, benefiting both producers and consumers.
Moreover, Saudi Arabia and Azerbaijan emphasized the importance of international cooperation in climate action, particularly in line with the United Nations Framework Convention on Climate Change (UNFCCC) and its Paris Agreement. Both nations pledged to work together towards successful outcomes at COP29, emphasizing the principles of equity and common but differentiated responsibilities.
In the sector of renewable energy, both countries have made significant strides. The joint statement highlighted Saudi Arabia's investment in wind power in Azerbaijan, which stands as one of the largest foreign investments in the country's renewable energy sector. Both sides agreed to further strengthen cooperation in electricity and renewable energy projects, including knowledge exchange and experience sharing.
The joint statement also highlighted the importance of collaboration in the fields of oil, gas, refined products, and petrochemicals. Discussions centered on joint investment opportunities and the expansion of bilateral trade in these sectors.
Energy efficiency emerged as another key area of cooperation, with both nations committing to collaboration in energy management systems and knowledge exchange on low-emission fuels and technologies. This includes endeavors in lower carbon aviation fuels and hydrogen-based synthetic aviation fuel to reduce greenhouse gas emissions.
The successful outcomes of the third Joint Technical Committee meeting were commended, reflecting the constructive dialogue and enhanced mutual understanding achieved. This meeting provided a comprehensive review of energy-related aspects across various fields, further solidifying the partnership between Saudi Arabia and Azerbaijan in the energy sector.
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