Saudi Arabia has entered into an agreement with Azerbaijan to strengthen collaboration in key sectors, including petroleum, petrochemicals, gas, electricity, and renewables, as part of its strategic expansion in Central Asia.
The deal, aimed at promoting a circular carbon economy and reducing emissions, will also focus on technologies such as carbon capture and storage to address climate change. The deal was signed by Saudi Energy Minister Prince Abdulaziz bin Salman and his Azerbaijani counterpart Parviz Shahbazov during a meeting in Riyadh. Both countries have committed to organizing workshops, seminars, and conferences to foster knowledge sharing in energy-related matters.
Saudi Arabia has been actively pursuing partnerships with countries in the region and beyond to enhance energy cooperation. In May, the Kingdom’s energy minister emphasized the importance of deepening relations with Arab nations, resulting in the signing of memorandums of understanding in the energy sector with Egypt, Oman, Jordan, and Iraq. These agreements aim to foster collaboration in areas such as electricity, renewable power, clean hydrogen, petroleum, gas, and petrochemicals.
Furthermore, Saudi Arabia engaged in discussions with the Netherlands to strengthen cooperation across multiple fields, with a particular emphasis on energy and clean hydrogen. The talks led to the signing of a memorandum of understanding, highlighting the potential for the Netherlands to serve as a primary destination for transporting hydrogen derived from renewable sources in Saudi Arabia to Europe. The energy minister also identified the Netherlands and Germany as natural partners for the trade of green hydrogen.
By forging alliances and pursuing innovative energy solutions, Saudi Arabia is demonstrating its commitment to sustainable development, climate action, and international cooperation in the energy sector. These efforts reflect the Kingdom’s strategy to diversify its markets, explore new opportunities, and contribute to global efforts in addressing climate change.
Baku Energy Week
The deal was signed ahead of the Baku Energy Week, scheduled to be hosted by Azerbaijan from May 31 through June 3. The event would combine the 28th International Caspian Oil&Gas Exhibition, the 11th Caspian International Power and Green Energy Exhibition, and the 28th Baku Energy Forum. With the participation of 326 companies from 37 countries, including major global players and industry experts, the event aims to foster international cooperation in the energy sector.
Supported by the Ministry of Energy and the State Oil Company of Azerbaijan Republic (SOCAR), the Baku Energy Week highlights Azerbaijan’s significant achievements in the energy sector and its role in ensuring energy security, both domestically and internationally. The Baku Energy Week serves as a platform for important discussions, cooperation agreements, and decision-making processes among key stakeholders in the global energy industry.