Azerbaijan to open Trade House in Istanbul

By Azernews

By Ayya Lmahamad

Azerbaijan's Deputy Economy Minister Rovshan Najaf has said that the Trade House of Azerbaijan is planned to be opened at Istanbul Consulate.

He made the remarks during the 1st Azerbaijani-Turkish Energy Forum held in Baku on December 22.

Noting that relations between the two countries have reached the highest level in all areas, he stated that economic cooperation had expanded despite the consequences of the COVID-19 pandemic.

The deputy minister mentioned that the trade turnover between the two countries increased by 7 percent up to $4.1 billion.

"In accordance with the agreement on electronic commerce, which came into force this year, negotiations are underway to build this potential," he said.

At the same time, he noted that additional agreements were signed on the participation of Turkish companies in projects in Azerbaijan's liberated lands. Rovshan Najaf added that regional relations are expanding, and Azerbaijan is making large investments in Turkey.

Green energy concept

During the forum, Azerbaijan's Energy Minister Parviz Shahbazov said that Azerbaijan together with Turkey will be able to quickly achieve the goal of transition to green energy.

Stressing that Azerbaijan's Karabakh region has a huge potential in the production of solar, wind, and other types of alternative energy, the minister noted that big opportunities have been created for the Turkish companies there.

 “Azerbaijan will create favorable conditions for investments in the public and private sectors within the Green Energy Concept, which is planned to be implemented in the Azerbaijani liberated territories," he said.

In turn, Turkish Energy and Natural Resources Minister Fatih Donmez stated that Turkey will support Azerbaijan with the participation of both the public and private sectors within the framework of the "green energy concept".

"Turkey will continue to work coordinated with Azerbaijan to restore lasting peace in the region and the liberated territories. The experience of successful cooperation in the carbon industry and in the field of renewable energy will be an impetus for our ties," he said.

Moreover, State Agency for Renewable Energy Director Tabiz Ammayev noted that Azerbaijan will continue to study the experience of Turkey in the transition to green energy.

Stating that the project of transition to green energy will also affect the social sphere, Ammayev said that the installation of solar panels on the roofs of households is planned.

He emphasized that Azerbaijan intends to reduce production emissions by up to 40 percent by 2050.

"Azerbaijan successfully cooperates with Turkey both in the oil and gas sector and in the field of renewable energy sources. Azerbaijan's electricity generation potential by wind farms is 3,000 megawatts, solar - over 23,000, bio - 380 megawatts and hydro - 520 megawatts," he said.

Ammayev also said that agreements have also been signed with foreign companies for the construction of a 40 MW wind farm (ACWA POWER), 230 MW of solar power (MASDAR) and a 240 MW solar power plant (BP).

Bilateral cooperation

Azerbaijan's State Oil Company President Rovnag Abdullayev stated that SOCAR is actively cooperating with Turkish energy companies to expand the supply chain.

Noting that SOCAR is one of the largest and most stable oil and gas companies in the region, Abdullayev underlined that a number of new projects of the company were launched both in Turkey and Azerbaijan.

"Turkey is a country which has access to a number of countries around the world, including the U.S. market, and this cooperation is beneficial for Azerbaijan as well. Although Azerbaijan does not have direct access to the oceans, we have access to the pipelines which can pump oil and gas products to the markets we need," he said.

Abdullayev noted that SOCAR also works with Turkish companies to protect energy projects from external threats, both physical and cyber.

At the same time, Turkish State Oil Company TPAO CEO Melih Han Bilgin noted that Turkey's investments in cooperation with Azerbaijan total $13.2 billion.

He stated that it is not only an indicator of cooperation but also trust and ties between Turkey and Azerbaijan.

"Turkey will continue to invest in cooperation with Azerbaijan," he said.

In turn, Turkey's Energy Council of the Foreign Economic Relations Board Head Haluk Kalyoncu noted that Turkey's cooperation with Azerbaijan, which invests in renewable energy, will continue. He noted that bilateral relations will be continued in the economic sphere as well.

"We are grateful to Azerbaijan for organizing this forum, which will be held every year and will benefit the private sector," he said.

Next energy forum

Additionally, Fatih Donmez emphasized that the next Azerbaijani-Turkish energy forum will be held in Turkey.

"Our strength lies in our brotherhood. Energy cooperation between Turkey and Azerbaijan is not limited to hydrocarbons. Turkey will continue to support Azerbaijan in the restoration of peace and creative works on the liberated territories. I believe that all sectors of the economy will benefit from the documents to be signed within the forum. The projects implemented between Azerbaijan and Turkey are an indicator of the great potential of our cooperation," he said.