“The Board of Directors of Arab Petroleum Investments Corporation (APICORP) will held its next meeting in Baku,” said Azerbaijan’s Deputy Minister of Energy Samir Valiyev as he met with a delegation led by Deputy Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia Aabed bin Abdulla Al-Saadoun.

Valiyev emphasized the importance of developing bilateral cooperation in the field of alternative and renewable energy sources, alongside the oil and gas sector, Azertag reported.  He said that work is under way to ensure participation of foreign investors in this process and study the international experience.

Saudi minister Abdulla Al-Saadoun hailed collaboration between APICORP and Azerbaijan`s State Oil Company (SOCAR) as active and highlighted joint projects. He noted that the next meeting of APICORP Board of Directors will be held in Baku, adding that such events will contribute to the opening of new opportunities of cooperation between the organization and Azerbaijan.

The Arab Petroleum Investments Corporation is a multilateral development bank established to foster the development of the Arab world’s oil and gas industries. The organization was created under the terms of an agreement signed by the ten Member States of the Organization of Arab Petroleum Exporting Countries (OAPEC) in September 1974. APICORP’s vision is to transform the Arab energy industry into a powerful force for the region’s economic progress.