Azerbaijan and Ukraine to jointly invest in oil and gas projects

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Today, the Ukrainian-Azerbaijani working group on energy cooperation held the 4th meeting through video conferencing, Report informs, citing the Ukrainian Embassy in Azerbaijan.

The meeting was chaired by Deputy Minister of Energy of Ukraine Yaroslav Demchenko and Deputy Minister of Energy of Azerbaijan Kamal Abbasov.

The sides assessed the level of bilateral cooperation and understanding on the development of Ukrainian-Azerbaijani energy cooperation highly. The ministers also discussed the directions of future cooperation. They reached agreements on several issues.

The agreements provide for cooperation in the implementation of projects in oil transport, diversification of the State Oil Company of Azerbaijan (SOCAR) in Ukraine, and increasing the participation of the Azerbaijani company in the oil market, joint implementation of investment projects in the oil and gas industry, exchange of experience in the context of the development of “green energy,” the application of effective mechanisms regulating energy markets and the development of cooperation in the field of energy efficiency and energy saving.

The sides agreed to hold the next meeting of the working group in 2022.