ECONOMY


BP, Azerbaijan`s Ministry of Energy sign MoU to explore renewables opportunities

Baku, December 18, AZERTAC

BP and the Ministry of Energy of the Republic of Azerbaijan have today signed a Memorandum of Understanding (MoU) to jointly explore potential opportunities for the development of renewable energy in Azerbaijan.

This follows the recent announcement by the Government of Azerbaijan that it is developing a regulatory framework for renewables in the country.

Parviz Shahbazov, Azerbaijan’s Energy Minister, said: “Increasing alternative and renewable energy production and raising their role in the energy security are currently important issues to be solved, as set by the head of state of Azerbaijan. We are currently studying the international experience, developing the country’s legal framework and conducting consultations with international companies for the development of renewable energy. With the document we signed today, what Azerbaijan has accomplished in the area of renewable energy sources will enter a new stage of development. I believe our long cooperation with BP based on a strong partnership in the oil and gas sector will be beneficial for the renewable energy sector as well, enabling us to contribute together to the development of clean energy.”

Gary Jones, BP’s Regional President for Azerbaijan, Georgia and Turkey, said: “We look forward to working with the Government to understand and jointly explore the potential renewables opportunities in the country. We support the development of the planned framework for the renewable energy sector in Azerbaijan.”

“Globally, we have been in the renewables sector for more than 20 years and have a great deal of experience to share with the country. Renewable power production is expected to remain the fastest growing form of energy in the world as the energy mix is shifting towards lower carbon sources. We welcome the recent announcements by the Government to develop a regulatory framework for renewables and are pleased to have signed today’s MoU to help the country’s efforts in this area.”

BP is one of the world's leading energy producers and is dedicated to safely developing and producing essential sources of energy.

Globally, BP is committed to helping advance the energy transition agenda and supporting the world’s efforts to deliver more energy with fewer emissions.

As an early adopter of renewable energy, BP Alternative Energy has a great deal of experience and, today, it has a significant portfolio across three platforms: Renewable Fuels, Renewable Power and Renewal Products; with further opportunities under development.

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