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Russia and Azerbaijan set to further develop energy cooperation

Russia and Azerbaijan set to further develop energy cooperation

Abu Dhabi, September 13 - Neftegaz.RU.
Azerbaijan and Russia cooperate in a number of spheres with energy cooperation being one of the leading directions of this strategic partnership. The 2 countries discussed further cooperation in the energy sector. The discussion was held between Parviz Shahbazov, the Azerbaijani Energy Minister, and his Russian counterpart Alexander Novak, Azernews reported.

A. Novak said that the cooperation between the 2 countries has been going on for many years and is based on strategic partnership. He noted that Russia and Azerbaijan are actively cooperating in a multilateral format as part of the CIS Electric Power Council and OPEC.

The Russian Energy Minister further stressed the ongoing bilateral cooperation in the oil industry between the 2 countries, particularly in the sphere of oil transportation and the sale of Russian oil products in Azerbaijan. “Currently, a number of largest Russian oil companies are actively working in this direction in Azerbaijan. The interaction is also underway in the gas sector,” Novak added.

As part of his visit to Abu Dhabi, the Azerbaijani Energy Minister also held discussion on cooperation in renewable energy sources with Mohammed Barkindo, OPEC Secretary General. They discussed the current situation of the global oil markets, factors affecting oil prices, performance indicators of oil-producing countries under the OPEC+ deal as well as OPEC-Azerbaijan cooperation.

By 2030, worldwide energy demand is expected to increase by 45 %. Hydrocarbons, which are the traditional source of energy used across the world throughout centuries, are gradually depleting, thus, making the use of alternative and renewable energy sources an immediate necessity.

Azerbaijan is taking a number of measures to develop its alternative energy sector and thus lessen its oil-dependency. The share of renewables in the total power generation in Azerbaijan is expected to be 15 % by 2020, 25-30 % by 2025 and 35-40 % by 2030.

Author: Leman Mammadova

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