Baku and Algeria plan to sign a memorandum on cooperation in the oil and gas sector, the Azerbaijani Energy Ministry said.

Perspectives of cooperation between the two countries in the oil and gas sphere were discussed in Baku by the Azerbaijani Minister of Energy Pervaz Shakhbazov and the Executive Director of the Algerian Oil and Gas Company Sonatrach Abdelmumen Ould-Kaddur.

“P. Shakhbazov noted during the meeting that the Memorandum of Understanding on cooperation in the oil and gas sector between the governments of Azerbaijan and Algeria is ready for signing. This document will contribute to the expansion of cooperation in hydrocarbon projects, petrochemistry, transportation and sale of LNG and in many other areas,” the report says.

In addition, P. Shakhbazov held bilateral meetings with UAE Energy Minister Suhail al-Mazrui and Deputy Prime Minister, Oil Minister of Iraq Tamer al-Gadban.

During the meeting with S. Al-Mazrui, the parties discussed the possibilities of bilateral cooperation in the energy sector. "UAE offered to Azerbaijan cooperation on the reduction of costs in the production of electricity from renewable energy and gas," the report says.

At the meeting with T. al-Gadban the parties discussed cooperation in the oil and gas sector, within the OPEC+ format, supplying  Iraqi oil and oil products to world markets through SOCAR (State Oil Company of Azerbaijan), as well as training Iraqi oil and gas experts in Azerbaijan.

KeyFacts Energy Industry Directory: Rusmininfo