BP considers Azerbaijan for investment in renewable energy sources

British Petroleum and the Government of Azerbaijan have agreed to jointly investigate opportunities for developing the country’s renewable energy sources. The energy company signed a memorandum of understanding (MoU) with the Ministry of Energy of the Republic of Azerbaijan.

Azerbaijan’s energy minister Parviz Shahbazov said: “Increasing alternative and renewable energy production and raising their role in energy security are currently important issues to be solved, as set by the head of state of Azerbaijan. We are currently studying the international experience, developing the country’s legal framework and conducting consultations with international companies for the development of renewable energy.”

According to Shahbazov the MoU signing marks a new stage of the country’s commitment to develop its renewable energy sources.

“I believe our long cooperation with BP, based on a strong partnership in the oil and gas sector, will be beneficial for the renewable energy sector as well, enabling us to contribute together to the development of clean energy,” he said.

BP regional president for Azerbaijan, Georgia and Turkey Gary Jones said: “We look forward to working with the Government to understand and jointly explore the potential renewables opportunities in the country.

“We support the development of the planned framework for the renewable energy sector in Azerbaijan.

Jones added that renewable power production is expected to remain the fastest growing form of energy in the world as the energy mix is shifting towards lower carbon sources.

He said: “We welcome the recent announcements by the Government to develop a regulatory framework for renewables and are pleased to have signed today’s MoU to help the country’s efforts in this area.”

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