18 Jul 2022 17:51

Azerbaijan and EU sign memorandum on strategic partnership in energy

BAKU. July 18 (Interfax) - Azerbaijan and the European Union have signed a memorandum of understanding on a strategic partnership in energy.

The document was signed by Azerbaijani President Ilham Aliyev and European Commission President Ursula von der Leyen following talks in Baku on Monday.

Aliyev said at a press briefing after the signing ceremony that this memorandum is a "roadmap" for future energy cooperation, also underscoring the importance of issues related to energy security.

"The issues of energy security are more important today than ever before, and long-term, predictable and very reliable cooperation between the EU and Azerbaijan in the energy sector is of course a major asset," Aliyev said.

"This year, we gave a start to the Azerbaijan-EU energy dialogue, which encompasses various avenues - oil, gas, renewable energy sources. We are interested in close cooperation with the EU in the field of energy," he said.

Azerbaijan has vast potential as regards renewable energy, Aliyev said, estimating the potential (wind power) of the Caspian Sea alone at around 157 gigawatts. Azerbaijan has begun investing in the renewable energy sector, he said.

Aliyev described energy cooperation between Azerbaijan and the EU as successful, adding that this cooperation has been ongoing for more than 15 years.

"Energy projects initiated by Azerbaijan and supported by the EU, as well as by our partners have fundamentally changed Europe's energy map," the president said.

The Southern Gas Corridor (delivering Azerbaijani gas to Europe), which was launched less than two years ago, is now operating at full capacity, and "we already see the pluses of this cooperation," Aliyev aid.