Mikayil Jabbarov: We encourage participation of state-owned companies as investors in our energy balance

Azerbaijan was one of the first countries to take institutional steps in the sphere of 'Green energy,' Minister of Economy Mikayil Jabbarov said.

According to Report, the minister said that when President Ilham Aliyev set up a state agency specialized in this field, only a few countries expressed intention to implement alternative energy projects in the region.

"This is what makes up institutionally prepared as a state when alternative energy today transforms from a trend into specific projects.

Previously, the state invested funds in this sphere, created these approaches and frameworks, and studied ways of integration with traditional energy. Therefore, today, when such foreign investors as Masdar, Aqua Power, BP, or other energy companies functioning in Azerbaijan apply to us, we hold not theoretical but practice-based talks with them," he said.

The minister believes that the role of the energy ministry in this sphere is great and huge work is being done.

"One of the important decisions we made this year is that we should not be limited to foreign investors in this area; our state-owned companies, primarily SOCAR, and subsequently Azerenergy, if appropriate decisions are made at the next stage, can invest in this sector. That is, we already support and encourage the participation of our own state-owned companies as investors in our energy balance; tomorrow, these can be private companies," the minister concluded.