In a significant move towards strengthening bilateral relations, the energy ministers of Saudi Arabia and Azerbaijan convened to issue a Joint Statement, emphasizing their shared history and future collaboration aspirations, especially within the energy sector.
Both nations are keen on sustaining the stability of oil markets and are committed to a coherent global energy transition and ambitious climate change initiatives, aiming for a sustainable future. They have agreed to continue their engagement within the frameworks of OPEC Plus and the Charter of Cooperation between Oil Producing Countries to uphold the stability that benefits both producers and consumers, fostering sustainable economic development.
The two countries also plan to enhance their cooperation in international climate action, in line with the principles of the UNFCCC and the Paris Agreement. They aspire to realize impactful contributions at COP29, focusing on successful and comprehensive outcomes. Their approach to climate action is characterized by balance and inclusivity, respecting the principles of equity and the varied responsibilities and capabilities of different nations.
There is a mutual understanding of the importance of economic diversification, sustainable development, poverty eradication, and energy security, which will be highlighted at COP29. Saudi Arabia and Azerbaijan are already seeing the benefits of their collaboration in the renewable energy sector, including significant Saudi investments in Azerbaijan’s wind power projects.
The discussions also covered the potential for joint investment opportunities in Oil, Gas, Refined Products, and Petrochemicals, along with the expansion of bilateral trade. Energy efficiency, including energy management systems, was also a topic of mutual interest. Furthermore, they agreed to share knowledge on low-emission fuels and technologies, like Lower Carbon Aviation Fuels and Hydrogen-based e-fuels, that aim to reduce greenhouse gas emissions.
The productive outcomes of the third Joint Technical Committee meeting were praised for fostering constructive dialogue and enhancing mutual understanding. This meeting facilitated a comprehensive review of energy relations across various fields, marking another step forward in the strengthening partnership between the two nations.