The Saudi Minister of Energy, Prince Abdulaziz bin Salman, met Friday with his Azerbaijani counterpart, Parviz Shahbazov, as part of both countries efforts to enhance bilateral relations, reported the Saudi Press Agency (SPA).
In a joint statement, Saudi Arabia and the Republic of Azerbaijan stressed the depth and strength of their historic bilateral relations, expressing their desire to enhance ties and seize the promising economic opportunities, particularly in the energy sector.
Both countries underscored their shared goals and commitments towards the sustainability and stability of oil markets, to achieve an orderly global energy transition and effectively address climate change, with the aim of building a more sustainable future for both countries and the world.
Within this context, both sides agreed to continue their cooperation within the framework of the OPEC Plus Declaration of Cooperation and the Charter of Cooperation between Oil Producing Countries, to support global oil markets stability, which serves the interests of producers and consumers and achieves sustainable economic growth.
The two countries emphasized the significance of strengthening international cooperation in climate action to advance the goals of the United Nations Framework Convention on Climate Change (UNFCCC) and its Paris Agreement, in a way that allows each country to chart its own path according to its national approaches through a variety of measures that both countries could contribute to. Both sides agreed to enhance cooperation, aiming to achieve productive and comprehensive results at COP29.
The statement added that Saudi Arabia and Azerbaijan share common concerns and aspirations, in regards to ambitious, balanced and comprehensive climate action that takes into account the principle of equity and common responsibilities, as well as different capabilities, circumstances and national priorities of each country.
Both sides underlined their commitment to adopt and implement all solutions and technologies that will enable countries to contribute to global climate action, in compliance with national plans.
In addition, both countries agreed that COP29 offers an opportunity to underscore the importance of economic diversity, in line with the needs, priorities and resources of all countries, particularly in the context of enhancing sustainable development, eradicating poverty, and ensuring energy security.
In the field of renewable energy, both sides outlined their close cooperation to advance the achieved progress in this sector, highlighting the promising outcomes of this cooperation. They commended the ongoing progress in the Kingdom’s wind power project in Azerbaijan, one of the largest foreign investment projects in this field in Azerbaijan.
Saudi Arabia and Azerbaijan agreed to promote their cooperation in the fields of electricity and renewable energy, through knowledge and expertise exchange in electricity interconnection and the development of renewable energy projects in both countries.
Both sides underscored the importance of cooperation in the fields of oil, gas, refined products, and petrochemicals. They explored investment opportunities and enhancing bilateral trade. They also stressed the significance of cooperation in the field of energy efficiency and management.
According to the statement, both countries agreed to exchange expertise in the fields of low-emission technologies and fuels, including Lower Carbon Aviation Fuels (LCAF), and Hydrogen based Synthetic Aviation Fuel (e-fuel), aiming to introduce efficient fuels that reduce greenhouse gas emissions.
Both sides praised the positive outcomes achieved in the third meeting of the Joint Technical Committee, which took place during Prince Abdulaziz bin Salman’s visit to Azerbaijan. Both energy ministers highlighted the constructive dialogue and mutual understanding achieved in the meeting, during which they reviewed bilateral relations in various energy sectors.
