Azerbaijan, bp discuss expanding energy cooperation
Baku, May 12, AZERTAC
Azerbaijan’s Minister of Energy Parviz Shahbazov met with bp CEO Meg O’Neill.
During the meeting, the sides praised the expansion of the long-term strategic energy partnership and cooperation on energy security projects between Azerbaijan and bp into the fields of renewable energy and decarbonization. It was noted that the Azerbaijan-bp partnership spans more than 30 years and has delivered significant results during challenging periods.
The implementation of the Shafag project in the liberated territories was highly appreciated, particularly the establishment of a mechanism enabling the virtual transmission of green electricity from Jabrayil. It was emphasized that this mechanism represents an important and innovative step toward a new phase in regional decarbonization and energy transmission models.
During the meeting, information was provided on the reforms being implemented in Azerbaijan’s energy sector. It was noted that the country is gradually transforming from a traditional oil and gas exporter into a producer of renewable energy, with its energy strategy based on a balanced approach encompassing oil, gas, hydropower, wind, and solar energy.
The discussions also focused on the Caspian Sea’s 157 GW wind energy potential, as well as regional energy interconnector projects. It was noted that, amid growing global electricity demand, Azerbaijan has identified electricity exports as a priority area. It was further emphasized that future interregional and international connectivity will play a decisive role not only in decarbonization efforts but also in ensuring energy security.
The sides expressed mutual interest in further expanding cooperation between Azerbaijan and bp. They also exchanged views on developments in global energy markets.
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