SOCAR and bp have today signed a cooperation agreement to work together to identify and evaluate the potential for joint development of technically and financially feasible low carbon energy projects in Azerbaijan.
Their agreement reflects the two companies’ intention to support Azerbaijan in accelerating its energy transition. The companies wish to work together to share expertise and to assess opportunities to jointly progress clean, secure and affordable energy solutions in Azerbaijan which may include renewable energy sources.
The agreement was signed in Shusha on the sidelines of Baku Energy Week. It supports SOCAR’s and bp’s plans to decarbonize their current oil and gas operations in Azerbaijan by applying innovative technologies, utilizing energy efficiency opportunities, electrifying their facilities, and increasingly investing in other material steps required to reduce their emissions
Rovshan Najaf, SOCAR`s First Vice-President and Acting President, said: “SOCAR and bp have a long tradition of successful cooperation. In particular, bp has always played a special role as a reliable partner in the implementation of international energy projects authored by Azerbaijan which has made a significant contribution to the energy security of the region and the world. Today, the document, we sign in Shusha, opens up new horizons for our future cooperation. I am confident that our joint efforts will bring in thumping success.”
“SOCAR’s long-term vision has been determined to create value and provide sustainable development, while strengthening its position in new areas. In this context, SOCAR’s Corporate Strategy until 2035 has identified strategic initiatives for new horizons on energy transition, digitalization and innovation. To this end, SOCAR is exploring and considering opportunities in renewable energy sources, onshore and offshore. The Cooperation Agreement between SOCAR and bp on joint development of renewable energy sources is one of the key components of this strategy.”
Gary Jones, bp’s regional president for Azerbaijan, Georgia and Türkiye, said: “Today we are laying the foundation of a new era of cooperation with SOCAR. We have worked together for 30 years successfully developing Azerbaijan’s oil and gas resources which has secured the country’s role as a reliable energy supplier to the region and the world. Now it’s time to renew our focus on energy development and embark on a new phase of partnership. Together we can achieve a lot.
“In bp we are progressing a strategy in which we will continue to supply resilient hydrocarbons, enhance our convenience and mobility offers to customers and significantly grow our investments in renewables and other clean energy resources, providing the hydrocarbons the world needs today – with lower emissions – while investing in accelerating the energy transition, including in Azerbaijan. We are pleased to start cooperating with SOCAR at the start of our journey to the next phase of energy development.”
Source: AZERTAC, Azerbaijan State News Agency