Azerbaijan, Czech Republic ink agreement on energy cooperation

The Energy Ministry of Azerbaijan and the Industry and Trade Ministry of the Czech Republic have signed an agreement on energy cooperation, Report informs, citing the ministry.

The goal of the document is to expand and develop cooperation between the two countries in the energy sector.

Before the signing ceremony, Azerbaijani Energy Minister Parviz Shahbazov met with Czech Foreign Minister Jakub Kulhánek. Speaking about the opportunities for the development of energy cooperation with the Czech Republic in oil and gas and renewable energy sectors, Shahbazov said that the expansion of the Southern Gas Corridor connecting the Caspian Sea with Europe will lead to cooperation on low-carbon natural gas. The Azerbaijani minister also gave detailed information about the implemented renewable energy projects with a total capacity of 700 MW, which are planned to be put up for auction. He invited Czech companies to participate in the process.

Jakub Kulhánek also noted that energy cooperation played an essential role in the development of strategic partnership between the two countries and stressed the importance of assessing the current opportunities of the country's business community.

After the discussions, the agreement was signed by Parviz Shahbazov and Czech Ambassador to Azerbaijan Milan Ekert. The agreement envisages the expansion of cooperation in the fields of energy, oil and gas, petrochemicals, renewable energy, as well as bioenergy, and the establishment of relations between the relevant economic entities following the national legislation of both countries. The agreement also envisages support for the implementation of joint energy projects with third countries. Besides, the document covers issues such as the development of cooperation on energy efficiency and energy saving in the residential sector and large energy-intensive enterprises, mutual exchange of information and experience, training, joint seminars, conferences, and forums. According to the agreement, the sides are expected to establish a joint working group on energy cooperation.