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Azerbaijan and Saudi Arabia to strengthen energy cooperation

The Republic of Azerbaijan and the Kingdom of Saudi Arabia aim to further strengthen their ties, particularly in the energy sector. This is what emerged after a meeting between HRH Prince Abdulaziz Bin Salman, Minister of Energy of the Kingdom of Saudi Arabia and HE Mr Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan.

They both recognised that the countries are aligned in their objectives and commitments towards the sustainability of and stability of oil markets for achieving an orderly global energy transition and ambitiously addressing climate change, to achieve a more sustainable future.

Both sides agreed to continue their cooperation within the OPEC Plus Declaration of Cooperation and the Charter of Cooperation between Oil Producing Countries, to support the global oil market and stability, which serves the interests of both producing and consuming countries and achieves sustainable economic growth.

Furthermore, both sides emphasised the importance of enhancing international cooperation in climate action to advance the objectives, principles, and goals of the United Nations Framework Convention on Climate Change (UNFCCC) and its Paris Agreement.

In light of taking an ambitious yet balanced and inclusive climate action that takes into account the principles of equity, the leaders outlined commitments to advance all viable solutions and technologies that will enable all nations to contribute to global climate action, in a nationally determined manner, while taking into considerations the different national circumstances, pathways and approaches of each country.

“COP29 presents an opportunity to underscore the imperative of economic diversification in a manner that aligns with the needs, priorities and resources of all nations, particularly in the context of promoting sustainable development and poverty eradication and ensuring energy security,” they said in a joint statement.

Indeed, the two countries have been working closely together, with an aim to advance their respective progress in the renewable energy sector, which is yielding promising results. Thus, they both agreed to strengthen the ongoing cooperation in electricity and renewable energy through exchanging knowledge and experiences in electricity interconnection and developing renewable energy projects in both countries.

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