By Azernews

By Ayya Lmahamad

Azerbaijani Economy Minister Mikayil Jabbarov and Turkmen President Gurbanguly Berdimuhamedov have discussed the potential to build up a partnership in all spheres, the Turkmen presidential press service reported on November 18.

During the meeting, the minister stated that Azerbaijan attaches great importance to increasing economic cooperation between the two countries.

In turn, Berdimuhamedov noted Turkmenistan’s commitment to developing long-term cooperation with Azerbaijan on an equal and mutually beneficial basis for the benefit of both nations.

The parties discussed the issues of interstate cooperation in the context of the implementation of agreements reached at the high level, as well as the existing strong potential to build up the partnership in all spheres.

Special emphasis was placed on the high dynamics of developing productive relations, successfully built both bilaterally and multilaterally within the framework of authoritative international organizations and structures.

Emphasizing the strategic nature of interstate cooperation in the political, trade, economic, transport, communications, and other fields, the parties noted the importance of strengthening the role of the Intergovernmental Turkmen-Azerbaijani Commission on Economic Cooperation as a coordinating body for developing relations in various fields.

In this context, it was noted that mutual investment is one of the factors for expanding the fruitful partnership.

They emphasized that it is necessary to continue to provide the appropriate economic, financial, and legal conditions for business activities and the organization of forums that promote contacts between the business circles of both countries.

Moreover, the sides noted that the geographical location of the two neighboring countries creates favorable prerequisites for the effective combination of efforts in implementing projects to form transcontinental transport and transit corridors, providing the most favorable land and sea routes for transportation of goods, and their integration into the international transport infrastructure.

Recalling the agreements reached during the Turkmen president's visit to Azerbaijan, it was noted that they gave a strong impetus to the further development of transport and logistics relations.

One of the topics of discussion was cooperation in the energy sphere, which is strategic for the national economies of Turkmenistan and Azerbaijan.

Emphasizing that the development of this sector is a priority for both countries, which possess the largest oil and gas deposits, the parties spoke in favor of building up the traditional cooperation based on the principles of equality and mutual benefit.

At the end of the meeting, they expressed confidence that the interstate relations would continue to strengthen on a long-term and constructive basis.

On January 21, 2021, Azerbaijan and Turkmenistan signed a memorandum of understanding over the joint exploration of the Dostlug gas field. According to experts' estimates, the Dostlug gas field contains natural gas and 60-70 million tons of oil.

Azerbaijani President Ilham Aliyev said on January 21 that the signed agreement opens a new page in the development of the Caspian's hydrocarbon resources.

"This project will contribute to the strengthening of the energy security of our countries, as well as our neighbors. This project opens up great export opportunities, thereby contributing to the growth of the well-being of our peoples," the president said.

In turn, the Turkmen leader noted that the signing of the memorandum marks a new stage in the energy cooperation between two countries in the Caspian Sea.

The deal will enable future transport of Turkmen hydrocarbons to Europe via Azerbaijan, thereby bolstering Azerbaijan’s position as a regional energy hub and Europe’s energy provider.