Azerbaijan, Algeria discuss oil market situation, agree to expand energy cooperation
MOSCOW. April 27 (Interfax) - Azerbaijan and Algeria have discussed prospects for cooperation in the energy sector, including cooperation between the State Oil Company of Azerbaijan Republic (SOCAR) and Algeria's Sonatrach, the Algerian Ministry of Hydrocarbons and Mines reported.
The talks took place during a meeting between Hydrocarbons and Mines Minister Mohamed Arkab and the head of the Azerbaijani parliament's youth affairs committee and chairman of the Azerbaijan-Algeria Parliamentary Friendship Group, Shahin Ismayilov, who was in Algeria on a working visit.
The parties discussed ways to develop and strengthen bilateral cooperation in the oil and gas sector, specifically well servicing, field development, hydrocarbon transportation, oil refining and petrochemicals, as well as various types of activities related to the oil and gas sector, the ministry said.
They stressed the importance of strengthening cooperation on sharing know-how and training workers, foremost in the oil and gas sector, which will help increase efficiency at all stages of the value chain, the ministry said.
In this context, they considered investment opportunities and prospects for partnership between the two countries' companies, particularly between Sonatrach and SOCAR, at various stages of the value chain in the hydrocarbon sector, as well as mechanisms to boost cooperation and share technical and technological experience, the press release said.
The meeting was also an opportunity to discuss the memorandum of understanding the two countries signed in Algiers in November 2022 and ways to implement it in practice, the ministry said.
The parties also shared their views regarding trends on global oil and gas markets and confirmed the importance of continuing coordination and consultations within the context of the OPEC+ group of countries and the Gas Exporting Countries Forum (GECF) in order to help stabilize markets and ensure energy security, the ministry said.
During a meeting with Algerian Energy and Renewable Energies Minister Mourad Adjal, major infrastructure projects being implemented under the ministry's leadership, as well as measures to carry out the energy diversification program were presented to the Azerbaijani delegation.
Adjal stressed the role of his country as a reliable economic partner and key player in ensuring energy security at the continental and international levels, the ministry said.
The minister also pointed to Algeria's efforts to transition from fossil fuels to clean energy by developing projects in the areas of green hydrogen, solar and wind power as a global priority, as well as efforts to reduce carbon emissions and promote the energy transition.
In this context, Adjal presented areas of activity in the sector such as production, transmission and distribution of electricity, gas transportation and distribution, training of workers and manufacturing of electrical and gas equipment, the ministry said.
Ismayilov, in turn, presented a report on the state of Azerbaijan's energy sector and its development, stressing similarities to Algeria's model of a value chain from production and transmission to distribution and consumption of energy.
The head of the Azerbaijan's delegation also said Azerbaijan is interested in strengthening and developing cooperation with Algeria in the area of energy and renewables, the ministry said.
The parties agreed to organize future working meetings of experts from both countries to set new and broader horizons for cooperation on energy and renewables.
