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Weekly review of key events in Azerbaijan's energy sector

Oil&Gas Materials 22 October 2023 04:05 (UTC +04:00)
Gunay Guliyeva
Gunay Guliyeva
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BAKU, Azerbaijan, October 22. Azerbaijan's Energy Minister Parviz Shahbazov and Administrator of the National Energy Administration of China Zhang Jianhua signed a Memorandum of Understanding (MoU) on expanding energy cooperation between the two counties on the sidelines of the "One Belt, One Road" forum in China this week, Trend reports.

The main purpose of concluding this memorandum is to promote the development of cooperation in the fields of electricity, oil and gas, petrochemical and renewable energy and increase investment in energy projects.

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.

Shahbazov also shared Azerbaijan's plans in the green energy field and said the creation of seven GW of green energy capacities and the export of five GW of them along the Caspian-European Union and Azerbaijan-Türkiye-Europe corridors are planned by 2030, as is the transmission of electricity from Central Asia to Azerbaijan and further to Europe.

Moreover, Shahbazov met with Chairman of China Energy International Group Co. Ltd Lyu Zexiang during the visit to China. The parties discussed cooperation between Azerbaijan and China on green energy projects.

At the meeting, issues arising from the implementation of the Memorandum of Understanding signed between the Ministry of Energy and China Gezhouba Group Overseas Investment on the implementation of renewable energy projects with a capacity of two GW in Azerbaijan were discussed.

This week, a source at the Ministry of Foreign Affairs of Slovenia said that the country can offer Azerbaijan great deal of expertise in renewables.

"Slovenia has a particularly ambitious agenda when it comes to solar energy. On the other hand, the opportunities to invest in renewables in Slovenia are increasing as well. We have been working on streamlining the permitting process to make different kinds of investments in certain renewable energy projects more attractive," the source noted.

Meanwhile, the Italian Saipem company unveiled its operational strategy for Azerbaijan by year-end 2023.

The company said that it aims to complete the project with bp for Shah Deniz 2 in Azerbaijan by late 2023.

The State Oil Company of Azerbaijan has opened a new subsidiary. The State Tax Service under the Ministry of Economy of Azerbaijan has registered SOCAR Projects International LLC.

The service revealed that the authorized capital of the company is 1,000 manat ($588.2). The official representative is Farid Hajiyev.

Moreover, SOCAR entered into new deal in maritime sector.

SOCAR and SAFEEN Group, a part of the AD Ports Group (Abu Dhabi), a renowned global trade, logistics, and industrial facilitator, has signed a MoU.

This agreement heralds a collaborative effort across multiple facets of Azerbaijan's maritime and shipping sectors.

"The collaborative initiatives encompass the transportation of crude oil, petroleum products, infrastructure development, and various cargo transit services. Moreover, this partnership is poised to contribute significantly to the modernization of onshore and offshore logistics, with a particular focus on advancing wind projects in alignment with Azerbaijan's renewable energy objectives," the company said.

Azerbaijan has created company within bp project for building solar power station.

A representative office of the "Shafaq (Jabrayil) Solar Limited" energy company has opened in Azerbaijan.

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