TODAY.AZ / Business

Azerbaijan, Turkiye discuss opportunities to expand SOCAR’s activities

17 June 2022 [10:47] - TODAY.AZ

By Azernews

By Ayya Lmahamad

A delegation headed by Azerbaijan’s Economy Minister and State Oil Company’s (SOCAR) Supervisory Board Chairman Mikayil Jabbarov met with Turkiye’s Energy and Natural Resources Minister Fatih Donmez, Azernews reports.

During the meeting, Jabbarov underlined the high-level strategic cooperation between the two countries, strong friendly relations with brotherly Turkiye, as well as trade, economic, and energy partnerships.

He briefed on the projects implemented by SOCAR in Turkiye, noting the contribution of the Petkim wind power plant to increase the potential of renewable energy sources in Turkiye and a significant reduction in carbon emissions.

In turn, Fatih Donmez also noted the friendly and fraternal relations and high-level partnership between the two countries. He touched upon such issues as further strengthening of Turkish-Azerbaijani cooperation and Turkiye’s participation as an investor in future projects in Azerbaijan to increase gas production.

The parties also discussed opportunities for cooperation in the field of energy, renewable energy sources, the possibility of expanding SOCAR’s activities in Turkiye, and other issues of mutual interest.

Azerbaijan and Turkiye collaborate in a variety of economic sectors and have completed major energy and infrastructure projects such as Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Kars, and TANAP. Turkiye imports Azerbaijani natural gas through the South Caucasus Gas Pipeline (Baku-Tbilisi-Erzurum) and TANAP. Azerbaijan supplies gas to Turkiye only from the Shah Deniz field.

In 2021, Azerbaijan and Turkiye signed the Shusha Declaration on Allied Relations, which focuses on defense cooperation, promoting regional stability and prosperity, and establishing new transportation routes.

The two countries set up a goal to bring the mutual trade turnover to $15 billion in 2023. As of 2021, the trade turnover between the two countries amounted to $4.6 billion. So far, Turkiye is Azerbaijan’s second-largest investor followed by the UK.

Additionally, Turkiye was one of the first countries that expressed its interest and readiness to participate in the restoration of Azerbaijan’s liberated territories.

URL: http://www.today.az/news/business/221766.html

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