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Saudi Arabia interested in Azerbaijan’s oil refining, petrochemical sectors

02 December 2017 [10:14] - TODAY.AZ

By  Trend

Saudi Arabia has expressed interest in Azerbaijan’s oil refining and petrochemical sectors and is considering opportunities for cooperation in these areas, Khalid Abdulaziz Al-Falih, Saudi Arabia’s minister of energy, industry and mineral resources, said.

Khalid Abdulaziz Al-Falih, who is also president of the OPEC Conference, made the remarks at a meeting with Azerbaijani Energy Minister Parviz Shahbazov in Vienna within the third meeting of OPEC members and countries outside the cartel, Azerbaijan’s Energy Ministry said in a message on December 1.

At the meeting, the sides discussed the results of the oil production cut agreement, the situation on world markets, as well as cooperation with Azerbaijan within the OPEC+ deal.

The Saudi minister noted that OPEC’s cooperation with countries outside the cartel is accompanied by consistent achievements.

He assessed positive trends towards stabilization of oil prices as the results of joint activity.

Azerbaijan’s support for this process and commitment to fulfilling obligations are important factors for achieving a common goal, he said.

At the meeting, the sides also touched upon the oil situation in the world energy balance. It was noted that despite the strengthening of new trends in the energy sector, oil as a kind of fuel will remain relevant for a long time.

Issues of bilateral cooperation in the energy sector between Saudi Arabia and Azerbaijan were also discussed.


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