ECONOMY


BP, Azerbaijan`s Ministry of Energy sign Letter of Intent

Baku, October 19, AZERTAC

BP and the Ministry of Energy of the Republic of Azerbaijan today signed a Letter of Intent on improving the performance of small hydroelectric stations. The Letter of Intent aims to support the Ministry of Energy’s goal to improve the performance of the hydroelectric power generation sector in Azerbaijan.

Under the Letter of Intent, SNC-Lavalin's Atkins, a leading consultancy firm, will conduct an assessment to improve the efficiency of existing small hydroelectric stations in the regions to enhance the hydro-energy potential of Azerbaijan’s small mountain rivers.

Deputy Minister of Energy Samir Valiyev said: “This document is yet another success of our long-term energy cooperation with BP. We hope that this cooperation will pave the way for applying the successful oil and gas experience to the renewable energy sector and help us achieve the goal of increasing the share of renewable energy in the country’s energy balance.”

BP’s Vice President for Communications, External Affairs, Strategy and Region Bakhtiyar Aslanbayli said: “This project is in line with our commitment to supporting the country’s capacity building initiatives as part of our social investment agenda. We are very pleased to support the Ministry of Energy on this project and hope this collaboration will grow into a solid and extended future partnership.”

SNC-Lavalin's Atkins will examine a number of small hydroelectric stations in operation and provide its recommendations on how the efficiency of these stations can be improved. A site visit by Atkins international experts will be arranged to review the existing stations and to assess possible sites for the construction of new stations.

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