the new agreement was approved between Azerbaijan and Turkey

the new agreement was approved between Azerbaijan and Turkey

Agreement on between the two countries was signed in Baku on February 25, 2020 the Government of the Republic of Turkey and Azerbaijan in the Energy and Mining Areas of Cooperation between the Government, the approval was published in the Official Gazette.

Accordingly, both countries will encourage their authorized institutions and investors to cooperate in order to increase cooperation in the field of renewable and clean energy and energy efficiency, and to support and develop projects in this field. Thus, the parties will support the establishment of a working group to establish cooperation.

The parties will carry out joint activities in the fields of technical cooperation in projects related to the development and use of hydrocarbon and petrochemical resources, cooperation in projects related to earth science and reservoir engineering, exploration, production, transportation, processing, commercialization, distribution and trade of hydrocarbons, and production and trade of petrochemical and processed petroleum products. .

On the other hand, the construction, rehabilitation, development, operation of natural gas storage facilities, transmission infrastructure and related technologies and the construction, rehabilitation, development and operation of liquefied natural gas terminals and related technologies, production and maintenance of spare parts, deepening of petrochemical and oil refinery processes and raw materials Cooperation between the two countries will be increased to search for more effective ways of use.

In the field of electricity, the two countries will exchange knowledge and experience on the development of the organizational structure of transmission system operators, technical cooperation in the construction, operation and maintenance of electricity transmission networks, development of electricity trade and interconnection capacity, and regulation of the electricity market.

In addition, while evaluating the cooperation opportunities between the two countries for exploration of mineral resources and geological research in line with mutual expert opinions, training programs on mining will be organized and technologies in the field of mining will be developed in accordance with the highest safety, safety and environmental protection standards.

The parties will support private and public economic organizations to establish joint ventures and companies to operate in the field of energy and mining. It will also be able to work together through public and private companies to encourage investments in energy and mining in both countries or third countries.

The agreement will enter into force on the date of the receipt of the last written notification of both countries through diplomatic channels that their internal legal procedures have been completed and will continue for 5 years. If the countries do not state their intention to terminate the agreement at the end of 5 years, the agreement will be valid for the following 5 years.

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