President Ilham Aliyev receives Chairman of Board of ACWA Power and Chief Executive Officer of Masdar (PHOTO)

President Ilham Aliyev receives Chairman of Board of ACWA Power and Chief Executive Officer of Masdar (PHOTO)

BAKU, Azerbaijan, Jan. 9

Trend:

President of the Republic of Azerbaijan Ilham Aliyev has received the Chairman of the Board of “ACWA Power” of the Kingdom of Saudi Arabia, Mohammad Abunayyan, and the Chief Executive Officer of “Masdar” of the United Arab Emirates, Mohamed Jameel Al Ramahi.

Welcoming the guests, President Ilham Aliyev said:

- Welcome to Azerbaijan! I am very glad to see you. I would like to extend my congratulations to you on a very important Executive Agreement signed today with “ACWA Power” and “Masdar”, the leading companies in the energy sector, especially in the alternative energy sector. This agreement will open up a new page in the development of energy projects in Azerbaijan, because renewable energy is one of the energy sector priorities for us today. Azerbaijan is already securing its own electricity reserves and exporting it. However, our goal is to attract investors to the renewable energy sector, and the significance of the Executive Agreement is that wind and solar power plants will be built at the investors’ expense. You are thus showing interest in working in Azerbaijan. We view this as a sign of confidence in our country and its future, because very large investments are involved. I was informed that after the signing of the Executive Agreement today there will still be some time to prepare other agreements, and we look forward to taking part in the groundbreaking ceremony for solar and wind power plants this year. These are very important projects for us.

As I have already mentioned, Azerbaijan has made large investments in the electricity sector and power lines connect us with our neighbors. We have invested heavily in electricity generation. We now have 1,000 megawatts of additional electricity capacity and we export it. We have export markets. I also want to inform you that our investments in this sector are acknowledged by leading international institutions, in particular the Davos World Economic Forum. In terms of accessibility of electricity, it has awarded Azerbaijan second place in the world. Our entire country is provided with power lines and, as I have already noted, Azerbaijan has become an exporter. Also recently, just over a month ago, together with our partners, we completed the important TANAP gas pipeline project, which has already reached the borders of the European Union. The more energy we get from the sun and wind, the more natural gas we will save for our own needs and exports. Therefore, I attach great importance to today's ceremony. It testifies to the fact that we are on the right track. It also shows that Azerbaijan has created excellent conditions for investors.

Your investments will amount to hundreds of millions of dollars. The total volume of electricity will be 440 megawatts. It will be a truly major transformation in Azerbaijan in terms of renewable energy. I am also glad that your companies have been selected as partners in these projects. I believe that this was not a surprise. I was informed that “ACWA Power” has a total of more than 30,000 megawatts of electricity. It also produces 8,000 megawatts of electricity in the field of renewable energy. “Masdar” produces 4,000 megawatts of renewable energy. So you are quite experienced and leading companies in this field. Therefore, I am very glad to see you. I am sure that our cooperation will be long-term, all projects and technical issues will be resolved in a timely manner. We will start these two large projects, and they will allow us the opportunity to attract other investments, other investors to Azerbaijan because our country has a lot of wind and sun. Sometimes the wind creates some inconvenience, but at the same time cleans the air. And now wind and sun will serve our energy production, thanks to which a large amount of natural gas will be saved for domestic use and exports. Welcome, and thank you again for the decision to invest in Azerbaijan.

Х Х Х

The Chairman of the Board of “ACWA Power” of the Kingdom of Saudi Arabia, Mohammad Abunayyan, said:

- Mr. President, let me express my gratitude to you and convey the greetings of our government, the King and the Crown Prince. The excellent relations you have already established with the government of Saudi Arabia and our leaders can be cited as an example. Thanks to the trust you have placed in the company from Saudi Arabia, we will now be able to implement your plans for renewable energy in Azerbaijan. As for investments, economic and social benefits, we will be able to meet your expectations in terms of attracting renewable energy to our projects. We will direct Azerbaijan’s resources for use in other energy generation. We will improve the fuel balance to achieve the most optimized economic solution for Azerbaijan. I am very glad and grateful to you for choosing us, as this reflects your confidence in relations with Saudi Arabia. The detailed program you used made a very positive impression on us. Indeed, the technical, commercial and contractual process was based on the best experience. We have extensive experience in working with other countries and launching renewable energy programs. However, Azerbaijan is unique because you have already embarked on this program. You have very professionally and transparently attracted the best companies to compete. You also applied very rare competition values.

Mr. President, these investments will be consistent with our high-level political relations. In addition, as our Crown Prince always notes, we also want to see strong economic ties underpinning our political relations.

Mr. President, this is the beginning of Saudi Arabia's investment in various fields.

Mr. President, as you know, our relations are at a high level. As for the social sphere, over 100,000 tourists from Saudi Arabia visited Azerbaijan last year. Every year, the number of tourists increases by 20-30 percent. This suggests that our relations today cover not only the political and social, but also the economic sphere. The positive point is that this is already happening in Azerbaijan.

Mr. President, we are jointly implementing these projects to realize your views. As for economic and social values, we will conduct trainings for local citizens and transfer knowledge and know-how. Our shareholders, the board of “ACWA Power” decided to use Azerbaijan as a platform for the region. You know that this is being done not only for Azerbaijan. Therefore, our office will start full-fledged activities here in April. We will conduct trainings to develop human capital because under your leadership a huge human capital has emerged in this country, and we will try to use it internationally. Yes, this will be done for a project we strive to develop in Azerbaijan. But at the same time, we will use human capital to enhance our competitive edge on a global scale. We remain committed to our obligations, and I convey to you the greetings of our government. At the same time, as part of this project, we commit ourselves in terms of health and safety, time, quality and reliability. The project cost is $200 million. At the same time, we are committed to long-term cooperation related to both renewable energy and highly efficient production of gas and fuel. We are very happy to be here. Yes, we are Saudis, but we work and will work as a local company because we are proud to be part of your system, part of the development of Azerbaijan and the region as a whole. It is a great honor for me to meet you. I am happy that you provided us with the opportunity for this meeting. I am very pleased. I know that you have a busy schedule. We are grateful for the opportunity. Thank you, Mr. President.

Х Х Х

President Ilham Aliyev said:

- Thank you for the kind words about our country. Please convey my personal greetings and best wishes to His Majesty King Salman and the Crown Prince. As you noted, the relations between Saudi Arabia and Azerbaijan are at a very high level, we are friendly, partner and fraternal countries. I would describe these relations as fraternal. We support each other in international institutions. We interact in the UN, the Organization of Islamic Cooperation. As you know, Azerbaijan has recently taken over chairmanship in the Non-Aligned Movement. We will preside over this organization for three years. With your support and with the support of friends from the United Arab Emirates, we, as the country chairing the organization, want to be very active, support members of the organization and their interests, and create a stronger unity within it. Of course, as we always note during discussions with my friends, the leaders of your country, the ties between Saudi Arabia and Azerbaijan require economic support. Therefore, we have always talked about ways of bringing economic cooperation to the level of political. This is not easy, but we have taken a very important step today. It paves the way for many other investors. They will see that “ACWA Power” and “Masdar” are present here, invest hundreds of millions of dollars and have confidence in our future. Therefore, many other investors will follow you. In addition, we already saw interest in this area in the process of selecting partners. This interest is generated by many factors. First, political stability, predictability, economic development, as well as a diversified infrastructure and export opportunities in Azerbaijan. As I have already noted, we export not only oil and gas, but also electricity today. There is great potential, especially in the renewable energy sector. So this project is very important for us. I want to thank you for making this decision. As you know, such important decisions are made with the support of the government. We know that the Saudi government supports this decision, and we are very grateful for that. This is another sign of close friendships between us.

Х Х Х

The Chief Executive Officer of “Masdar” of the United Arab Emirates, Mohamed Jameel Al Ramahi, said:

- Mr. President, please allow me to thank you on behalf of my Government, the United Arab Emirates and shareholders of “Masdar” for this opportunity. We have committed ourselves to participate in your plans aimed at decarbonization and to support them. The world is reducing its dependence on traditional methods of energy production and is heading towards decarbonization, towards a cleaner future. “Masdar” is committed to sustainable urban communities, renewable energy and the technology of the future.

Mr. President, it is a great honor for us to participate in this process and to have been selected by you. We know that if it hadn’t been for your support, clear instructions and your approach, we would not be here today.

Thank you very much again, Mr. President. You can trust us on achieving a result the country and the world will be proud of, Inshallah.

Х Х Х

President Ilham Aliyev said:

- Thank you very much. We are witnessing a new stage in the development of energy projects in Azerbaijan today. I am very glad to start 2020 with such an important event. It will have a good future and bring our countries closer together. You have mentioned tourists from Saudi Arabia. I believe that the number of tourists from the United Arab Emirates is the same. The number of Azerbaijanis visiting your countries is also growing. This is due not only to what we offer tourists. The reason is that people feel comfortable. Azerbaijanis visiting your countries and your citizens visiting Azerbaijan feel absolutely at home. The signing ceremony of this Executive Agreement will also strengthen the ties between our countries.

Azerbaijan launches website providing access to digital services during quarantine regime
Azerbaijan launches website providing access to digital services during quarantine regime
Leader on operation systems market in Azerbaijan named
Leader on operation systems market in Azerbaijan named
Chrome remains most popular browser in Azerbaijan
Chrome remains most popular browser in Azerbaijan
Loading Bars
Latest
Further decrease in LNG shipping cost likely with COVID-19
Iran unveils smart customs service
Alibaba sends humanitarian aid to Azerbaijan to fight COVID-19 (PHOTO)
No permission for US Aladdin Middle East Ltd to conduct oil, gas exploration in Turkish province
Turkey's jewelry export to world markets increases
Deputy minister discloses number of entrepreneurs to be supported in Azerbaijan
Product exports via Iran's Sistan and Baluchestan border terminals revealed
Pilot container train dispatched through Kazakhstan's territory
Turkmenistan and Russia’s Tatarstan discuss bilateral cooperation in chemical industry
Volume of renewable energy power plants commissioned in Iran announced
Iran implementing social distance plan
Number of tenders held in Turkey in 2019 revealed
USAID ready to support Georgian agricultural sector
Uranium production volume to drop in Kazakhstan
No staff reduction observed at enterprises of Azerbaijani industrial parks
Death toll from coronavirus grows in Iran
Medical masks produced in Azerbaijan to go to pharmacies next week
Azerbaijan launches production of medical masks (PHOTO/VIDEO)
Meeting of OPEC+ ministers scheduled for April 9
Azerbaijani population’s daily need in medical masks disclosed
Review of Georgia's economic development during Feb-Mar 2020
Kazakhstan's oil and gas company to buy pumps via tender
Irrigated land to be expanded significantly in Kazakhstan
Azerbaijan's SAB company reveals product output in 1Q2020
Uzbekistan to introduce excise tax on some tobacco products
Azerbaijan to fully meet domestic needs for medical masks via local production
Uzbekistan to link its oil, gas prices to Brent prices
Real estate expert: Prices in Azerbaijan's real estate market gradually falling
Execution of act of pardon starts in Azerbaijan
Antimonopoly Committee of Uzbekistan to meet needs of small businesses
Oil & gas industry merger and acquisition deals down
Turkmenistan, Russia's Tatarstan talk shipbuilding, aim for development of merchant fleet
Army Day parade canceled in Iran
Turkmenistan discusses bilateral co-op with Russia’s Kamaz, Kazan Helicopters companies
Turkey's export of leather goods down
Turkey - Turkmenistan trade turnover increases
Oil higher as hopes build for production cut amid coronavirus threat to demand
Uzbekistan to modernize its Mobiuz mobile operator
UK PM Johnson is not on a ventilator but had oxygen support
Turkish police department opens tender to buy fuel
SOCAR takes over use right of 6 fuel distribution stations in Romania
Georgia reports 195 confirmed cases of COVID-19
Iran's Energy Exchange announces products to be on sale April 7
Azerbaijani oil down in price
Exports of products of Iran's Markazi Province announced
President Ilham Aliyev: After April 20, we will take steps in accordance with current situation
World Bank Group to support the anti-crisis program of Uzbekistan
President Ilham Aliyev: In event of artificial inflation of mask prices, those involved will be severely punished
Turkey’s Health Ministry opens tender to build rehabilitation center
Vice-speaker: Azerbaijan turning from importer into producer of medical supplies
President Ilham Aliyev: 600,000 workers, including private entrepreneurs, will be financed at expense of state in Azerbaijan
President Ilham Aliyev: As we demonstrate unity and solidarity, we must also show responsibility and be disciplined
Coverage of insurance payments on unemployment to be expanded in Azerbaijan
President Ilham Aliyev: There are plans to set up modern hospitals in Baku and a number of regions in near future
President Ilham Aliyev: All measures taken in Azerbaijan so far have produced desired effect
As coronavirus hits tourism, Wizz Air finds new role
South Korea helps Uzbekistan to develop innovative business
President Ilham Aliyev: Infrastructure available in Azerbaijan allows us opportunity to succeed in organizing necessary production in short time
Kazakhstan's ore exploring ventures opens tender for feasibility study development
President Ilham Aliyev: Azerbaijan will no longer depend on mask imports even after fight against coronavirus is completed
Iranian currency rates for April 7
Gold price up in Azerbaijan on April 7
No change in British PM Johnson's condition
Azerbaijani currency rates for April 7
Volume of loaded, unloaded cargo in Shahid Bahonar port of Iran increases
Germany's confirmed coronavirus cases rise to 99,225, deaths to 1,607
Be responsible, do not violate discipline and rules, take care of yourself, your children, relatives, so that we can overcome this difficult situation with small losses! - Appeal of President Ilham Aliyev to Azerbaijani people
Armenia violates ceasefire with Azerbaijan 23 times
Volume of loaded, unloaded cargo in Bushehr port of Iran increases
Uzbekistan reveals its coronavirus-related data for April 7
What happens to oil prices if new OPEC+ deal can’t be agreed?
Covid-19 makes new OPEC+ agreement more likely
Iran must simplify access to loans for workers- Tehran Retirement Center
Iran and India trade continues despite coronavirus spread - Chamber of Commerce
SOFAZ's budgetary expenses predicted at level approved in annual budget
Libya reports 1st COVID-19 recovery case
Japan set to announce coronavirus emergency
S. Korea to send $2 m worth of medical equipment to Iran
Number of COVID-2019 cases across globe up by over 77,000 in past day
Second potential COVID-19 vaccine in U.S. starts safety test
5.0-magnitude quake hits 79km WNW of Sinabang, Indonesia
WHO's Tedros sends best wishes to UK's Johnson suffering COVID-19
U.S. COVID-19 deaths top 10,000: Johns Hopkins University
UK PM Johnson moved to intensive care as COVID-19 symptoms worsen
Saudi capital, cities get 24-hour curfew, Kuwait isolates two districts over coronavirus
Turkey's COVID-19 cases surge past 30,000
Heydar Aliyev Center supports Germany amid COVID-19 outbreak (VIDEO)
Coronavirus pandemic is historical test for EU, Merkel says
Over 50% of requests for obtaining permission to leave home rejected in Azerbaijan
Azerbaijan discloses amount allocated to reduce unemployment
Azerbaijani Operational Headquarters: Severe measures to be taken towards quarantine regime violators
Georgian citizens over 60 to get pneumococcal vaccine
Rules for movement of children, adolescents during quarantine period in Azerbaijan disclosed
Georgian Greenhouse Corporation continues to produce vegetables at maintenance level
Azerbaijan launches website providing access to digital services during quarantine regime
Minister: Restoration of Georgia's tourism sector to depend on international development
Cabinet of Ministers: Azerbaijan not to allow unjustified dismissal from work during special quarantine regime
President Ilham Aliyev issues Decree to pardon group of convicts aged over 65
Azerbaijan's Tax Ministry registers SOCAR-STP joint venture
Georgia begins business audits to check implementation of medical recommendations
All news