The Ministry of Energy of the Republic of Azerbaijan and the Ministry of Energy and Mineral Resources of the Republic of Indonesia have inked the Memorandum of Understanding on energy cooperation, Energy Ministry told APA.
Speaking about the role of energy cooperation in the development of bilateral relations between Azerbaijan and Indonesia, Energy Minister Parviz Shahbazov noted that the State Oil Company of the Republic of Azerbaijan (SOCAR) has been supplying crude oil to Indonesia since 2007. During these years SOCAR has supplied more than 25 million tons of crude to Indonesia, including around 24 million tons of Azeri Light. "Our energy ties has a big potential for further development. The target to increase the share of renewable energy in the installed power capacity by about 1,500 MW to 30%, the measures taken to attract foreign investors, in particular the plans to transform the liberated areas into a “green energy zone” create great opportunities for the development of energy cooperation. The document we signed today includes cooperation in the field of renewable energy sources, as well as diversification of cooperation in the energy sector. Using this opportunity, I invite public and private sector stakeholders, potential investors form Indonesia for cooperation in the field of "green energy".”
Minister of Energy and Mineral Resources of the Republic of Indonesia Arifin Tasrif said that the signing of this document marks the new level of cooperation on the development of energy between Indonesia and Azerbaijan. "The global pandemic situation followed by economic slowdown have given us the real challenges, yet forced us to push aside barriers with some innovative and out of the box plans and strategies. In challenging situation such as today, strengthening international collaboration is inevitable, including in the energy sector. It is my fervent hope that energy cooperation between Indonesia and Azerbaijan will develop to the greater height and provide mutual benefits for both countries."
According to the memorandum, Azerbaijan and Indonesia will cooperate in the field of oil and gas upstream and downstream, as well as in the field of renewable energy. The document also covers the implementation of joint projects on scientific and technical cooperation, training and development programs, promotion of investments in the energy sector, holding joint seminars, conferences and energy forums. It is also envisaged to create a joint Working Group to discuss and implement issues arising from the Memorandum of Understanding.