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Tuesday, March 21, 2023

Azerbaijan, UAE strengthen deep-rooted ties in energy sector

Azerbaijan, UAE strengthen deep-rooted ties in energy sector

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Azerbaijan’s Energy Minister Parviz Shahbazov said his country has deep-rooted ties with the UAE. This includes the energy sector.

He also said that the UAE has contributed to green energy projects in Azerbaijan.

Speaking to WAM, Shahbazov said that the Janub Thermal Power Plant is co-financed and financed by the Abu Dhabi Fund for Development (ADFD). It has a production capacity of 780 MW.

Azerbaijan has signed several agreements with Masdar on the purchase, transfer and investment of electricity for the Galata solar power plant. It is located between 60-70 km from Baku.

Shahbazov highlighted the UAE’s willingness to improve cooperation through Masdar. He noted that they had signed an agreement to start a major project to produce 4,000 megawatts of electricity. The first phase will include an offshore wind farm with a capacity of 2,000 megawatts and an onshore solar farm.

The project is part of Azerbaijan’s plan to increase its production capacity by 6 GW, he said.

He spoke about the importance and role of COP28 in promoting the energy transition, saying that international efforts to achieve this will be boosted by the event. Cooperation between Azerbaijan and the UAE is an important contributor to this process.

Referring to Azerbaijan’s plans to develop a renewable energy industry, Shakhbazov said that Azerbaijan has more than 200 years of experience in oil extraction, has started producing and exporting natural gas, and is seeking to participate in green energy projects.

Azerbaijan has pledged to reduce its carbon emissions to 40% by 2044. It is creating a special zone to produce green electricity and become carbon neutral by 2050. This, he said, was supported by the cooperation of the UAE.

The company also plans to boost its international standing as a green energy provider and double its natural gas exports in the next few years, he said.

Shahbazov said that Masdar will become an important partner in Azerbaijan’s future cooperation with the UAE for sustainable growth.

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