Azerbaijan, Romania discuss bolstering energy cooperation
    PHOTO

    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

    Subscribe to our Telegram channel


Read also

Azerbaijan's natural gas exports to EU surge Doubles market share

18 June 2024 - 16:36

Azerbaijan State Oil Fund joins global investors in major stake in GEMS Education

18 June 2024 - 16:21

Baku, Astana to invest $50.6 million in Trans-Caspian fiber optic cable project

18 June 2024 - 15:00

Azerbaijan's "green" transition as a beacon for oil-producing countries The Strait Times article

17 June 2024 - 13:30

Azerbaijan's economic achievements acknowledged by World Economic Forum

15 June 2024 - 16:40

Azeri Light oil surges to $84 amid continued market growth

15 June 2024 - 12:42
ADVERTS
Video
Latest news

    Prospects for a "Turkic NATO" as global danger persists

    Analyzing feasibility & implications

    18 June 2024 - 18:30

    After Akash ADS, Armenia eyes more air defence system from India

    18 June 2024 - 18:08

    Key Democrats approve major US arms sale to Israel

    18 June 2024 - 17:58

    US “deliberately delaying” training for Ukrainian F-16 pilots - MP

    18 June 2024 - 17:43

    Armenian separatist Vardanyan made huge fortune prior to political activities

    Article by Intelligence Online

    18 June 2024 - 17:28

    EU leaders fail to agree on von der Leyen’s second term

    18 June 2024 - 17:10

    Macron’s struggles have Europe fretting over defence, Ukraine

    Article by Bloomberg

    18 June 2024 - 16:51

    Azerbaijan's natural gas exports to EU surge

    Doubles market share

    18 June 2024 - 16:36

    Azerbaijan State Oil Fund joins global investors in major stake in GEMS Education

    18 June 2024 - 16:21

    US diplomat urges de-escalation in South Lebanon

    Amid rising tensions

    18 June 2024 - 16:06

    Turkish firms showcase products at world's leading defence industry fair

    18 June 2024 - 15:51

    Global economic growth forecast raised

    18 June 2024 - 15:34

    Israeli intelligence knew of Hamas plans weeks before attack — media

    18 June 2024 - 15:17

    Baku, Astana to invest $50.6 million in Trans-Caspian fiber optic cable project

    18 June 2024 - 15:00

    Türkiye “neutralizes” 3 PKK terrorists in northern Iraq

    18 June 2024 - 14:45

    Russia accuses West of using Armenia for hybrid warfare

    18 June 2024 - 14:30

    EU plans new sanctions against Russia by July 27

    Including gas transport restrictions

    18 June 2024 - 14:13

    Papikyan's Paris visit unlikely to shift power balance between Baku, Yerevan

    Expert opinions

    18 June 2024 - 13:57

    Russian flag, coat of arms torn down at Victory Park in Yerevan

    PHOTO/VIDEO

    18 June 2024 - 13:40

    European far-right turn

    New political landscape emerges

    18 June 2024 - 13:23

    Jamaican professor calls for urgent need of climate adaptation

    Addressing Baku Summit

    18 June 2024 - 13:08

    France, Armenia sign agreement for supply of CAESAR howitzers

    18 June 2024 - 12:50

    India has more nuclear weapons than Pakistan

    Swedish think-tank says

    18 June 2024 - 12:33

    Turkish Intelligence thwarts planned second terror attack in Moscow - media

    18 June 2024 - 12:17

    Revenge seeker at the separatist's grave

    Galstanyan calls upon Muradyan's spirit

    18 June 2024 - 12:00

    Azerbaijan prioritizes human health investments during COP29 chairmanship

    18 June 2024 - 11:52

    Over 3 billion people globally impacted by climate change

    Forecasting Healthy Futures chief urges

    18 June 2024 - 11:38

    Armenian opposition announces youth rally amid ongoing protests

    18 June 2024 - 11:19

    Special Representative urges focus on climate, health financing ahead of COP

    18 June 2024 - 11:04

    COP29 lead negotiator affirms focus on public health

    Amid climate change challenges

    18 June 2024 - 10:52

    Washington's hasty steps

    Yerevan is in turmoil, Baku is in no rush

    18 June 2024 - 10:45

    Police detain 9 protesters outside of Israeli PM's residence in Jerusalem

    18 June 2024 - 10:39

    WHO Director General commends integration of health in COP29 agenda

    18 June 2024 - 10:26

    US, Saudi top diplomats discuss Sudan, Yemen, Gaza Crisis

    18 June 2024 - 10:13

    Global summit "Forecasting Healthy Futures" kicks off in Baku

    Ahead of COP29

    18 June 2024 - 10:06

    Armenian parliament speaker dismisses opposition calls for resignation

    18 June 2024 - 09:58

    Azerbaijani judokas clinch top spot at European Cup

    18 June 2024 - 09:50

    Armenian parliament disrupts as PM's faction blocks session on government resignation

    18 June 2024 - 09:43

    Two-thirds of Europe’s defence spending goes to US contractors

    NATO Secretary General says

    18 June 2024 - 09:28

    Armenian, US officials discuss expanding strategic partnership

    18 June 2024 - 09:21

All news