Baku and Beijing are considering ways to increase SOCAR's role in the Chinese energy market

Baku/18.10.23/Turan: Azerbaijan and China inked a memorandum on Tuesday, signaling their commitment to enhance collaboration in the energy, oil, gas sectors, and energy project investments.

A statement from Azerbaijan's Ministry of Energy revealed that Energy Minister Parviz Shahbazov, visiting China as part of the "One Belt, One Road" international cooperation forum, engaged in discussions with Zhang Jianhua, the head of China's National Energy Administration. The talks encompassed the advancement of bilateral relations within the framework of the One Belt, One Road initiative and in a bilateral context.

The ministry highlighted the substantial potential for expanding cooperation between Baku and Beijing. Notable instances of fruitful energy cooperation were cited, including the supply of Azerbaijani and third-country oil, petroleum products, petrochemical products, and liquefied gas to China by SOCAR. Chinese companies' participation in oil production, refining projects in Azerbaijan, and the electric power sector were also discussed.

Regarding green energy and green technology ventures, the parties explored Dongfang's involvement in constructing the Garadag solar power plant with a 230 MW capacity and cooperation with China Gezhouba Group Overseas Investment on 2 GW renewable energy projects in Azerbaijan.

The Ministry of Energy reported that discussions also revolved around expanding the activities of SOCAR Trading, the trading subsidiary of SOCAR, in the Chinese market.

Concluding the meeting, a Memorandum of Understanding was formally signed between Azerbaijan's Ministry of Energy and China's National Energy Administration. This memorandum aims to foster cooperation in the domains of electric power, oil, gas, petrochemicals, renewable energy sources, and investments in energy projects.

The agency elaborated that this document outlines the framework for bolstering bilateral ties in both countries' energy sectors, cooperation in adopting innovative technologies, rejuvenating energy infrastructure, promoting mutual investments and business initiatives, sharing expertise in renewable energy sources, and organizing joint conferences, forums, and training sessions.--0--