Saudi Arabia is interested in petrochemical and oil refining industry of Azerbaijan

Baku. 1 December. REPORT.AZ/ Within the framework of the third OPEC+ meeting in Vienna, the meeting took place among the Minister of Energy of Azerbaijan Parviz Shahbazov and the President of the OPEC Conference and Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Abdulaziz Al-Falih.

Report was informed in the ministry, results of the oil production reduction agreement, the current situation in the oil market, as well as cooperation within the framework of OPEC+ were discussed.

Khalid Abdulaziz al-Falih said that the cooperation between OPEC and non-cartel countries is consistent with success, and positive trends in stabilization of oil prices have been regarded as the fruit of joint activities.

He underlined the importance of Azerbaijan's continued support for this process and its commitment to a common goal. The meeting also touched upon position of oil in world energy balance. It was noted that, despite the new trends in the energy sector, the oil will keep its relevance as fuel for a long time.

The discussions also covered issues of bilateral cooperation in the field of energy between Azerbaijan and Saudi Arabia. Saudi Arabia’s interest in Azerbaijan's oil and chemical and oil processing industries was noted and cooperation opportunities have been reviewed in this direction.