BAKU, Azerbaijan, October 17. Minister of Energy of Azerbaijan Parviz Shahbazov has held a meeting with Zhang Jianhua, Administrator of the National Energy Administration of China, on the sidelines of the "One Belt, One Road" forum in China, Trend reports.
Talks revolved around the opportunities for SOCAR Trading to expand its operations in the Chinese market.
At the same time, the parties engaged in talks about SOCAR’s delivery of crude oil, petroleum products, petrochemical items, and LNG to China. The discussions also pointed to achievements in energy cooperation, including the participation of Chinese companies in oil production, refining projects in Azerbaijan, and the electric power sector.
Chinese energy companies and their long-standing partnerships in the energy sector have entered a new phase of growth, marked by collaborative endeavors in green energy and environmentally friendly technology projects. Notably, Dongfang's involvement in constructing the Garadagh solar power plant, boasting a capacity of 230 MW, and the cooperation with China Gezhouba Group Overseas Investment on renewable energy initiatives totaling 2 GW in Azerbaijan have been highlighted.
Following the meeting, a Memorandum of Understanding between the Ministry of Energy of Azerbaijan and China's National Energy Administration was signed.
This document provides for the expansion of bilateral relations in the energy sector of both countries, cooperation in the application of new technologies, the renewal of energy infrastructure, the promotion of mutual investment and business activity, the exchange of experience in the field of renewable energy sources, as well as in the form of joint conferences, forums and trainings.
SOCAR Trading opened its offices in Singapore (2009) and London (2015) to expand its global activity. Now the company has its trading offices in Geneva, London, Singapore, Dubai and Houston with 200 staff members in total. In addition, the company also opened representative offices in Cairo, Istanbul, Lagos, Monaco and Moscow.