Azerbaijan and Kazakhstan mull energy cooperation

Nur-Sultan - Baku, September 1 - Neftegaz.RU. Azerbaijan and Kazakhstan discussed cooperation in energy during the video conference held between the 2 countries’ energy ministers and co-chairs of the intergovernmental commission on economic cooperation, Azernews reported.

During the meeting, the sides reviewed the suggestion to hold the 2nd meeting of the Working Groups on the transit of Kazakhstan's oil & oil products through Azerbaijan and delivery of Kazakhstan's oil products to Azerbaijan, and on delivery and transportation of LNG from Kazakhstan through the Caspian Sea to Azerbaijan in September.

They also agreed to hold the 17th Meeting of the Joint Intergovernmental Commission on Economic Cooperation in the 2nd half of October 2020. The ministers also exchanged views on cooperation within OPEC plus and the current status of the global oil market.

Kazakh Energy Minister Nurlan Nogayev said that the measures taken by OPEC and non-OPEC countries played an important role in raising the price of oil to $46 per barrel. In turn, Azerbaijani Energy Minister Parviz Shahbazov said: "The positive results of the OPEC plus agreement show that we have made the right decision. We are doing our best to achieve the fulfilment of our commitments."

Set up in 1999, the Kazakhstan-Azerbaijan Intergovernmental Commission on Economic Cooperation has contributed to the development of bilateral relations in the economic sphere. The trade turnover between Azerbaijan and Kazakhstan is around $230 million.

The main export products from Kazakhstan to Azerbaijan are mineral resources (oil and gas), chemical raw materials, carbon steel rolling and electrical equipment. Azerbaijan exports petroleum products extracted from bituminous materials, ethylene polymers, components for machines and mechanisms etc. to Kazakhstan.

Presently, over 700 companies with Azerbaijani capital are registered in Kazakhstan, and about 60 companies with Kazakh capital are registered in Azerbaijan.

Author: Akbar Mammadov