Azerbaijan, Egypt mull development of strategic partnership in energy sector

Egyptian Minister of Petroleum and Mineral Resources Karim Badawi has discussed prospects for developing cooperation in the oil and gas sector at a meeting with Azerbaijani Ambassador to Cairo Elkhan Polukhov and a delegation of the State Oil Company of Azerbaijan (SOCAR) headed by Director of Business Development Zaur Hasanov, Report informs via the Egyptian Ministry of Petroleum and Mineral Resources.

During the meeting, they discussed opportunities for establishing a strategic partnership between Egypt and Azerbaijan in the field of oil and gas. They reviewed the capabilities available on both sides to activate this cooperation and exchange expertise in a way that serves mutual interests and enhances economic partnership.

Karim Badawi expressed Egypt's aspiration to open new avenues of cooperation with Azerbaijan in the fields of energy, oil, and gas. He stressed the importance of building on the strong political and economic relations between the two countries and leveraging the full support of the political leadership in both nations to strengthen this cooperation.

The minister emphasized Egypt’s interest in building a long-term partnership with SOCAR, highlighting the company’s extensive expertise in the petroleum and gas industry. He noted that this collaboration aligns with the Ministry’s strategic pillar of strengthening regional cooperation.

The meeting also explored investment opportunities in mature field development, energy efficiency, and knowledge exchange in HSE practices.

In addition, the meeting included a presentation of the current priorities of the Ministry of Petroleum and Mineral Resources - Egypt of Petroleum and Mineral Resources, as well as opportunities for cooperation in light of these priorities.

Ambassador Polukhov expressed Azerbaijan’s strong interest in expanding economic and energy ties with Egypt, particularly in both conventional and renewable energy. He extended an official invitation to the minister to attend the upcoming Oil and Gas Conference in Baku this June.

Polukhov emphasized that the strong political ties between the two countries strongly support the development and prosperity of trade and investment relations.

He expressed enthusiasm for cooperation in the energy sector and proceeding quickly with practical steps in this regard, highlighting the importance of exploring cooperation in renewable and green energy.

The minister confirmed the importance of collaboration in green energy, an area where the petroleum sector has already begun implementing key projects through the Egyptian Petrochemicals Holding Company: ECHEM.

He emphasized the significance of cooperation and expertise exchange between the holding company and SOCAR in this regard.

Both sides agreed to form joint working teams to accelerate the implementation of cooperation frameworks aligned with their respective strategies and capabilities.