Azerbaijan, China sign memorandum of understanding

A Memorandum of Understanding (MoU) was signed between the Ministry of Energy of Azerbaijan and the National Energy Administration of China, Azernews reports.

According to the Ministry of Energy, the memorandum was signed during the meeting of Minister of Energy Parviz Shahbazov, who is visiting China within the framework of the Belt and Road Forum for International Cooperation, with Zhang Jianhua, the head of the National Energy Administration of China.

The MoU outlines the commitment of both countries to cooperate in the development of energy projects, including the exploration and development of offshore wind energy resources. The agreement also includes provisions for the exchange of technical knowledge and expertise in the energy sector, as well as the promotion of investment in energy projects.

The signing of the MoU is an important step in the development of energy cooperation between Azerbaijan and China, and is expected to lead to increased investment in the energy sector in both countries. This agreement is also expected to help promote the use of renewable energy sources in Azerbaijan, as well as support the participation of the private sector in this area to improve financial sustainability and efficiency of the energy sector.

The MoU is a positive step forward in the development of energy cooperation between Azerbaijan and China, and is expected to lead to increased investment in the energy sector in both countries. This agreement will help to ensure that the renewable energy sector has a significant position in production and consumption, and will help to promote the sustainable exploration and development of mineral resources for mutual economic and resource security.