Azerbaijan, Saudi Arabia discuss energy transition, sustainable development PHOTO

Azerbaijan's Minister of Economy, Mikayil Jabbarov, conducted a series of important meetings during his visit to Saudi Arabia, aimed at bolstering economic cooperation between the two countries.

One of the highlights of the visit was a meeting with Saudi Arabia's Minister of Energy, Prince Abdulaziz bin Salman Al Saud, Caliber.Az reports, citing the press service of the Ministry of Economy.

The discussion focused on the green energy agenda, with both sides exchanging views on the successful outcomes of their joint efforts in the sector. They also explored potential opportunities for further collaboration in energy transition projects, an area of growing importance for both nations.

Renewable energy and alternative energy sources were emphasized as key priorities within Azerbaijan's economic development strategy. Minister Jabbarov reiterated that cooperation with Saudi Arabia in this sector is of significant value to Azerbaijan.

In a separate meeting with Saudi Arabia's Minister of Investment, Khalid bin Abdulaziz Al-Falih, the economic relations between the two countries were highlighted, along with the expanding business ties between their private sectors. The ministers discussed ways to diversify Azerbaijan’s economy, promote trade, and enhance investment opportunities, all in line with the sustainable development goals of both countries.

Notably, in 2024, Azerbaijan and Saudi Arabia have strengthened their energy cooperation, with both nations emphasizing a shared commitment to global energy stability and sustainability. Their collaboration spans oil, gas, petrochemicals, and renewable energy sectors. Both countries are working together within the framework of OPEC+ to stabilize global oil markets and support a smooth transition towards sustainable energy sources.

A significant agreement was reached during the COP29 conference, where Saudi Energy Minister Prince Abdulaziz bin Salman signed a joint program with Azerbaijan, along with Kazakhstan and Uzbekistan, aimed at enhancing renewable energy initiatives and regional electricity interconnections. This collaboration includes the development of offshore wind projects in the Caspian Sea, a pioneering effort for Azerbaijan​.

Additionally, Saudi Arabia's ACWA Power has partnered with Azerbaijan's SOCAR and Masdar to launch renewable energy projects, particularly offshore wind farms, with a planned capacity of up to 3.5 GW​

By Khagan Isayev