Azerbaijani, Algerian Energy Ministers Discuss Investment Opportunities

Minister of Energy and Mines, Mohamed Arkab, held a videoconference meeting with the Azerbaijani Minister of Energy, Parviz Shahbazov, with whom he discussed investment opportunities between companies in the two countries, particularly in the hydrocarbons sector, according to a statement issued by ministry.

The talks, which took place in the presence of ministry officials, focused on the opportunities for developing cooperation relations between the two countries in the energy sector, which the communiqué described as "excellent."

In this regard, the two parties discussed the content of the memorandum of understanding signed in November 2022 in Algeria following the visit of the President of Azerbaijan.

The two ministers also discussed investment opportunities between companies from the two countries in all value chains in the hydrocarbons sector, as well as ways and means of stepping up cooperation and the exchange of expertise between Sonatrach and the Azerbaijan National Oil and Gas Company "Socar."

The discussions identified "significant" opportunities for cooperation and investment in the hydrocarbons and oil and gas industries, in particular the intensification of exchanges between companies in the two countries in the development of the natural gas industry, as well as renewable energies, energy efficiency and ecological cooperation in these fields.

After discussing the state of the gas markets and developments in the oil market, "the two parties welcomed the ongoing dialogue between OPEC countries and non-OPEC countries to ensure market stability in the medium term, and the consultations between the two countries within the framework of the Gas Exporting Countries Forum," concluded the source.