Azerbaijan’s Energy Sector to attract investment from Saudi Arabia
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Sulaiman
- . December 21, 2022
- . Update: December 21, 2022 7:57 pm
According to the ministry, Khalid Bin Abdulaziz Al-Falih, co-chairman of the Intergovernmental Joint Commission between Azerbaijan and Saudi Arabia and minister of investment for the Kingdom of Saudi Arabia, met with a delegation on December 19 in Baku, reported Azernews.
At the meeting, Azerbaijani Foreign Minister Jeyhun Bayramov said, “Azerbaijan pays particular priority to the development of relations with Saudi Arabia, the growth of cooperation in numerous spheres.”
The collaboration in the fields of the economy, agriculture, energy, and alternative energy sources was lauded, and high-level relations between the countries were recognised.
Jeyhun Bayramov noted the reciprocal support within the context of international organisations and expressed his sincere gratitude for Saudi Arabia’s fair stance on the issue of Azerbaijan’s territorial integrity and sovereignty. The Saudi minister, who travelled to the freed areas while in Azerbaijan, lauded the rehabilitation initiatives in return.
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Many Saudi Arabian investors, he continued, are thinking about investing in Azerbaijan’s energy sector, notably in ecotourism, green energy, and agriculture. The discussion then turned to problems of bilateral cooperation and regional initiatives.
The economies of Azerbaijan and Saudi Arabia are working together in a number of areas, particularly in renewable energy. In this regard, the Energy Ministry, the Azerenergy OJSC, and Saudi Arabia’s ACWA Power signed an agreement on the 240 MW wind power plant project on December 29, 2020. On January 13, there was a ceremony to mark the beginning of construction on the plant. $27 million was the total value of trade between the two nations in 2021.
