Contracts with ACWA Power and Masdar can attract more investments in Azerbaijan

Contracts with ACWA Power and Masdar can attract more investments in Azerbaijan

BAKU, Azerbaijan, Feb.14

By Leman Zeynalova – Trend:

The contracts recently signed by Azerbaijan, ACWA Power (Saudi Arabia) and Masdar (United Arab Emirates) on renewable energy can attract investments in Azerbaijan by other Gulf Cooperation Council members as well, Mohammed Alrmizan, a researcher at King Faisal Center for Research and Islamic Studies (Saudi Arabia), told Trend.

According to the agreements signed with Azerbaijan’s Energy Ministry, pilot projects will be implemented for the construction of wind power plants with a capacity of 240 MW with ACWA Power, and for the construction of solar power plants with a capacity of 200 MW with Masdar. In general, production of about 1.4 billion kWh of electricity on wind and solar energy projects annually is predicted.

"ACWA Power, another Saudi company owned by Saudi public and private assets, announced earlier in January the signing of an agreement with Azerbaijan’s Ministry of Energy for a big investment project. The recent agreement signed between ACWA Power and Azerbaijan’s Energy Ministry shows how effective the bilateral relations are, not only in political, but also in economic sphere. Saudi companies’ opening offices, or bringing up business and investments in Azerbaijan should be seen as another layer of cooperation that is needed in both countries’ bilateral cooperation. Azerbaijan could also attract other Gulf Cooperation Council (GCC) members to come and invest," said the expert.

Alrmizan noted that historical and current relations between the Kingdom of Saudi Arabia and the Republic of Azerbaijan reflect a good bilateral and cooperative perspective not only between the states, but also between the peoples of both countries.

"Saudi Aramco, the Saudi leading global oil company, just opened a representational office in Baku. Saudi Aramco’s opening office in Baku should be seen as a strong step for future cooperation between one of the largest oil companies in the world and Azerbaijan’s state and private entities. It could allow for both countries to exchange experience in business, to look up for further cooperative strategies in oil markets, and to jointly train engineers and technicians. Saudi Arabia seeks to continue build up its cooperation with countries worldwide in all spheres of economy as a producing and consuming country. Azerbaijan is an important oil and gas producing country and has a good strategic position for Saudi Arabia to expand its economic and trade activities," he concluded.

---

Follow the author on Twitter: @Lyaman_Zeyn

Armenia violates ceasefire with Azerbaijan 65 times
Armenia violates ceasefire with Azerbaijan 65 times
Armenia violates ceasefire with Azerbaijan 78 times
Armenia violates ceasefire with Azerbaijan 78 times
Armenia violates ceasefire with Azerbaijan 37 times
Armenia violates ceasefire with Azerbaijan 37 times
Loading Bars
Latest
Morocco extends coronavirus emergency decree until Aug 10
UK COVID-19 deaths rise to 44,602 as another 85 patients die
WB intends to support Turkmenistan’s private-sector producers of agricultural products
Company producing mineral water in Azerbaijan’s Nakhchivan plans to expand export
Azerbaijani cannery reduces production volumes
Azerbaijan’s Lankaran cannery talks about export plans for this year
Azerbaijan confirms 548 new COVID-19 cases
Azerbaijan intends to expand e-business in 2021
Grain harvesting under completion in Azerbaijan
Georgia has sufficient potential to be good, reliable partner of EU
Turkey's ministry reveals volume of cargo transshipment through port of Izmir
Data on cargo transshipment through Turkish port of Canakkale disclosed
Application deadline for state compensation to self-employed extends in Georgia
Turkey discloses volume of cargo transshipment from Netherlands via its ports
Maritime Transport Agency of Georgia helps over 1K Georgian sailors to return home
Volume of cargo transshipment through Turkish port of Tekirdag announced
Average monthly salary grows in Azerbaijan
Turkmenistan to sale state property at auction
El Al's potential buyer requests permit to control airline
Russian Foreign Ministry: UN session initiated by Azerbaijan will be constructive
New grant program offered to farmers in Georgia
Iran's Khatam al-Anbiya Construction Headquarters replaces foreign contractors
Turkey discloses volume of cargo transshipment from Bulgaria via its ports
Azerbaijan's national communications operator modernizing backbone network
EBRD reports its activities in Georgia for 2019
Work continues to improve operations of Turkmen Railways
PWC: Azerbaijan's State Oil Fund completes 2019 with profit
Fitch approves Azerbaijan's AFB Bank’s rating
Iran's Ardabil Province Gas Company announced tender for gas transmission
Turkmen Ministry of energy opens tender for rolled metal, aluminum wire rod supply
ADB: COVID-19 pandemic significantly impacts Georgia's households, small businesses
Kuwait Fund for Arab Economic Development provides loan to Uzbekistan
EBRD unveils volume of investments in Azerbaijan in 2015-2019
Azerbaijani banks' demand for foreign currency at CBA's exchange auction down
Turkmenistan changes procedure for issuing money to entrepreneurs
Cargo transshipment from Australia via Turkish ports since early 2020 revealed
SOCAR reveals volume of transshipment through Kulevi terminal
Iran to provide loans to citizens of small apartments as part of COVID-19 help
Jizzakh Special Economic Zone of Uzbekistan increases its exports
Azerbaijan’s AFB Bank terminates cooperation with Fitch Ratings
Trade turnover between Turkey, Georgia down
Iran's Energy Ministry to assign some of its duties to municipalities
Reconstructed highway to shorten driving time from Georgian capital to Oni city
Greek economy to shrink by 7.5-10.5% this year
Uzbekistan, US to deepen strategic partnership
Georgia's gov't to subsidize grape harvest
Iran discloses monthly tax revenues
Airbus first-half deliveries hit 16-year low despite June bounce
Vietnam 2020 economic growth seen at 3%-4%
Bulgaria closes night clubs, bans spectators at sports events
Africa urged to test more as coronavirus cases exceed 500,000
Azerbaijan discloses volumes of gas exported from Shah-Deniz field
India is playing leading role in global revival: PM Shri Narendra Modi
Export of steel from Turkey abroad in 1H2020 shrinks
Rouhani: Iran's exporters help to keep country's economy afloat, competitive
Iran seeks to develop equal partnership with China
Turkey's six-month jewelry export marginally dips
Uzbek Agency for Sanitary-Epidemiological Welfare to buy protective gloves via tender
Oil slips as coronavirus fears offset gasoline recovery signs
Iran's trade possibilities growing through Sistan and Baluchestan Province
Purchases, sales of real estate shrink across Kazakhstan
Cement export from Turkey to int'l markets in 1H2020 slightly down
Georgia expecting abundant harvest of peaches, nectarines
Kazakhstan’s Air Astana reducing flights implementation to South Korea
Azerbaijan increases gas production from ACG, Shah Deniz fields
Turkmenistan participates in discussions on updating Energy Charter Treaty
Georgia launching new state program to promote domestic tourism
Agricultural cluster of Uzbekistan to use innovative sprinklers
Kazakhstan's Nur-Sultan eyeing use of RES at its future industrial park
Iran's Pasargad Steel Complex puts two plants into operation
Role of textile industry in the integration of the Turkic Council countries
S&P Global Platts: Global oil supply to contract in 2020
Kazakhstan aiming to reduce CO2 emissions in country’s civil aviation
COVID-19 infected in Iran surpass 250,000
Azerbaijani oil prices down
Int'l experts assess Georgia’s steps to support pandemic-affected citizens, businesses
Iran reveals number of licenses issued for establishment of enterprises in Yazd Province
Azerbaijani Energy Ministry discloses gas supply volume to Turkey via TANAP in 1H2020
EIB to introduce fast-track financing in Central Asia amid COVID-19 pandemic
Azerbaijani Aveta company talks flour production forecast
Iran launches production facilities in three provinces
Bosch Group to study investment environment of Georgia
Gold price edges up in Azerbaijan on July 9
South Korea's Eximbank expands financial cooperation with Uzbekistan
Uzbek-Korean JV opens tender for procurement of cartridge filters
Kazakh coal extracting venture to buy spare parts via tender
Iran's Ilam Gas Treating Company boosts production
Azerbaijani Energy Ministry announces oil production volumes for June 2020
Factory put into operation in Iran's Sistan and Baluchestan Province
EBRD increases its investments in economy of Uzbekistan
Top up your balance and get double cashback to “Umico” from Azercell!
Foreign specialists on COVID-19 arrive in Azerbaijan (PHOTO)
Kazakhstan's foreign exchange reserves up as gold prices increase
Spokesperson: MFA always stands for substantial negotiations on Karabakh conflict
Russia reports more than 6,500 new coronavirus cases
Turkmenistan, Turkey considering ways to effectively use transport corridors
Azerbaijan's Energy Ministry records decline in oil production for 1H2020
Boeing talks plane deliveries to Turkmenistan, future plans
Uzbekistan studies European construction sector standards
German exports rebound less than expected in May
All news