BAKU, Azerbaijan, September 15. Central Asia Regional Economic Cooperation (CAREC) Program is eager to increase cooperation with Azerbaijan in the energy sector, Director of CAREC Institute Syed Shakeel Shah told Trend.
According to the director, amid the current energy crisis in Europe, Azerbaijan is becoming one of the most important players on the market.
“Azerbaijan is a major fuel exporting country. CAREC program is willing to work on establishing regional energy systems for oil and gas pipeline, as well as for electricity grids. Some of those projects are already working. Moving forward, with more investments in Azerbaijani energy sector, establishing those systems could act as safeguards for the countries in the region in case of such energy shocks as we see today,” Syed Shakeel Shah said.
As he noted, Asian Development Bank (ADB), along with the World Bank (WB) are committed to provide more funding and assistance for the Azerbaijani energy sector development.
Meanwhile, a Memorandum of Understanding (MoU) between the Institute of Scientific and Economic Research under the Ministry of Economy of Azerbaijan and CAREC was signed. The MoU is aimed at international cooperation in the area of logistics, transportation, creating a program for the sustainable development of the economy.
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