By Azernews

By Leman Mammadova

Azerbaijan’s Energy Minister has invited Swiss companies to cooperate in the field of renewable energy sources.

Energy Minister Parviz Shahbazov made the remarks while receiving delegation of Western Switzerland business community representatives led by Vincent Subilia, Director General of the Geneva Chamber of Commerce, on October 21.

Shahbazov stressed that an effective mechanism is being developed in the country to attract foreign investment in renewable energy and there are great opportunities for cooperation with Swiss companies in this direction. He recalled that Azerbaijan is working with the Switzerland's Pure Energy Development SARL in this area.

It was noted during the meeting that playing an important role in marketing a range of energy products and raw materials, including oil, Western Switzerland are interested in working with Azerbaijani companies in renewable energy sector.

The sides hailed successful cooperation between the Azerbaijani state oil company SOCAR and Switzerland. The Swiss company Axpo is a recipient of the Shah Deniz gas, and also represented in the Trans Adriatic Pipeline (TAP) consortium, it was noted.

The sides discussed the current state of development of existing cooperation relations and the prospects for cooperation between the two countries in the field of energy.

Switzerland supports large-scale energy and transport projects implemented by Azerbaijan in the region.

Azerbaijan and Switzerland signed a Memorandum of Understanding in the energy sector in 2007, and memorandum laid the foundation for the development of closer ties in this area.

The implementation of the TAP project is an excellent example of bilateral relations in the energy sector. The Swiss company AXPO is involved in the construction of the TAP, which envisages delivering Azerbaijani gas to Europe.

Azerbaijan state oil company SOCAR successfully operates in Switzerland. Since 2012, SOCAR has been operating ESSO Switzerland's 172 petrol stations under its brand.

Presently, Azerbaijan implements a number of measures for further development of alternative energy sector, aimed at reduction of its dependency on oil and gas.

The Energy Ministry has already signed memorandums of understanding with BP, TOTAL and Equinor on alternative energy cooperation. The country is currently working on the new draft law on alternative energy sources together with Norwegian company DNV GL.

According to the Market Analysis Azerbaijan 2019, expansion of renewable electricity generation is estimated at 430 MW in 2018-2020, 840 MW in 2021-2025, and 925 MW in 2026-2030. The share of renewables in the total power generation is expected to be 15 percent by 2020, 25-30 percent by 2025 and 35-40 percent by 2030.