Azerbaijan successfully cooperates with Algeria in OPEC+ format - minister

Azerbaijani Energy Minister Parviz Shahbazov has said that Azerbaijan is successfully cooperating with Algeria in the OPEC+ format to balance the global oil market.

Shahbazov made the remarks during his visit to Algeria at a meeting with Algerian Energy and Mines Minister Mohamed Arkab, Report informs, citing the Azerbaijani Energy Ministry.

The sides exchanged views on activity and the planned projects in the field of oil and gas, as well as renewable energy sources, and energy transition, and discussed cooperation in the oil and gas, and petrochemical sectors, as well as with Sonatrach and Sonelgaz companies.

Shahbazov noted that Azerbaijan and Algeria, having rich hydrocarbon reserves, are important suppliers of natural gas, have a wide potential in the energy sector to strengthen friendly ties and cooperation.

Then, a "Memorandum of Understanding on cooperation in the oil and gas sector between the Government of the Republic of Azerbaijan and the Government of the People's Democratic Republic of Algeria" was signed to develop bilateral cooperation in the oil and gas sector.

The document envisages cooperation in the exploration and production of hydrocarbons onshore and offshore, the development of hydrocarbon projects, the petrochemical industry, marketing, transportation and distribution of energy products, as well as the supply of Azeri Light and other types of crude oil.

A joint working group is planned to be created to implement the issues arising from the memorandum.