BAKU, Azerbaijan, May 3. The energy ministries of Azerbaijan and Saudi Arabia have discussed matters of cooperation and investment opportunities between the State Oil Company of the Azerbaijan Republic (SOCAR) and Saudi Arabian companies in Baku, TurkicWorld reports via the Azerbaijani ministry.
"Discussions revolved around collaborative efforts and investment prospects within the realms of oil refining, petrochemical product supply, low-carbon fuel, and associated technologies," the report says.
The meeting concluded with the signing of the Protocol from the third session of the Joint Technical Committee of Energy Ministries from both countries.
To note, Saudi Arabia's ACWA Power entered the Azerbaijan market in 2019.
In addition to the Khizi-Absheron WPP, ACWA Power has a memorandum of understanding with Azerbaijan's Ministry of Energy to investigate the feasibility of establishing a one-GW onshore wind power plant, a 1.5-GW offshore wind power plant, and the development of hydrogen projects in the nation.
