Russia and Azerbaijan strengthen cooperation in the energy sector

Russia and Azerbaijan strengthen cooperation in the energy sector

Russian Deputy Prime Minister Alexander Novak and Azerbaijani Economy Minister Mikail Jabbarov discussed issues of expanding cooperation in the oil and gas, electric power and the development of renewable energy sources in Moscow on October 31, according to Azerbaijan in Focus, reporting Turan, citing a message on the website of the Government of the Russian Federation.

The growing trade turnover between the countries was noted. By the end of 2022, the volume of mutual trade increased by 25%. In January – August 2023, the trade turnover increased by 15.7% compared to the same period last year.

“The largest Russian oil and gas concerns are working with Azerbaijan, which are ready to expand cooperation. In particular, there are a number of new initiatives for the transit and processing of Russian hydrocarbons at Azerbaijani facilities. The task is to consolidate our efforts,” Alexander Novak said.

During the talks, the participation of Russian oil and gas companies in new production projects on the territory of Azerbaijan, the expansion of their fuel sales business in Azerbaijan, including the expansion of reverse supplies of Russian oil through the Tikhoretsk-Baku oil pipeline, were also discussed.

Prospects of technological cooperation between Russian and Azerbaijani companies within the framework of import substitution policy were also discussed.