Today.Az » Business » Azerbaijan, Turkey mull renewable energy co-op
24 July 2021 [10:00] - Today.Az
By Ayya Lmahamad
Azerbaijan and Turkey have discussed cooperation in the field of renewable and traditional energy.
During the meeting held between Azerbaijan’s Energy Minister Parviz Shahbazov and Turkish Ambassador Cahit Bagci on July 23, the sides discussed the bilateral and regional benefits of energy cooperation between the two countries.
The importance of global energy projects such as the Baku-Tbilisi-Ceyhan, the Southern Gas Corridor and TANAP was emphasized by the sides.
Speaking about the restoration and reconstruction work carried out in Azerbaijan’s liberated territories and the projects on the realization of the “green energy” zone, Shahbazov expressed appreciation for Turkish companies’ deep interest in joint projects.
The parties noted the importance of the “Shusha Declaration on Allied Relations between Azerbaijan and Turkey” signed by the heads of states on June 15. They also reviewed the provision on energy field in this document. It was noted that the “Shusha declaration” further strengthened friendly, brotherly relations in all spheres, including energy.
Azerbaijan and Turkey cooperate in various fields of economy and have jointly completed giant energy and infrastructure projects such as Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Kars and TANAP.
Eleven agreements were signed between the two countries within the Azerbaijani-Turkish business forum held in Ankara on February 18. The agreements envisage the development of the Azerbaijani-Turkish cooperation in the economic, trade, and other spheres.
The two countries set up a goal to bring the mutual trade turnover to $15 billion in 2023. It should be noted that so far, Turkey is Azerbaijan’s second-largest investor followed by the UK.
Additionally, Turkey was one of the first countries that expressed its interest and readiness to participate in the restoration of Azerbaijan’s liberated territories.
In the first half of 2021, the trade turnover between Azerbaijan and Turkey amounted to $2.2 billion. The trade turnover between the two countries amounted to $4.1 billion in 2020.