Azerbaijan, Romania discuss bolstering energy cooperation
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ECONOMICS  01 June 2023 - 13:50

The Azerbaijani and Romanian economy ministers have discussed the expansion of cooperation in various spheres of the economy, including the energy sector.

Economy Minister of Azerbaijan Mikayil Jabbarov stressed that relations with Romania are developing successfully and emphasised the importance of reciprocal visits and meetings held for the expansion of cooperation, Report informs.

He noted that the Azerbaijani-Romanian trade and economic partnership is expanding and the trade turnover is increasing.

At the same time, there are great opportunities for the development of cooperation in energy, transport and transit, industrial and other spheres between the two countries, Jabbaorv said.

The Azerbaijani minister also added the mutually beneficial cooperation of business entities of the two countries and the effective activity of SOCAR in Romania.

For his part, Romanian Energy Minister Virgil-Daniel Popescu said that his country attaches importance to cooperation with Azerbaijan.

In addition, Popescu shared his views on the prospects of the implementation of joint economic projects.

Azerbaijan and Romania are cooperating in various spheres of the economy. SOCAR operates in Romania through SOCAR Petroleum SA, established in 2011, and owns SOCAR-branded petrol stations in 26 regions of Romania.

In December 2022, Azerbaijan, Georgia, Hungary and Romania signed an agreement to build a strategic partnership in the field of green energy development and transmission. According to the document’s text, the four countries plan to work together in developing a 1,195-km submarine power cable under the Black Sea, effectively creating a renewable energy transmission corridor from Azerbaijan, via Georgia, to Romania and further onward to Hungary.

The project looks viable in the context of the European Union’s Green Deal (aimed at the bloc’s carbon neutrality by 2050) and specific EU emissions reduction targets for 2030. However, it requires the further development of renewable energy sources (RES) in Azerbaijan, as the country’s green energy sector is still nascent, and the numerous memorandums and partnerships regarding future investment opportunities in the country have yet to materialise.

Caliber.Az