ALGIERS – Tuesday, 29 November 2022 (APS) – A memorandum of understanding (MoU) on cooperation between Algeria and Azerbaijan in the field of energy was signed on Tuesday in Algiers, said the Ministry of Energy in a statement.

The MoU was signed by Minister of Energy and Mines, Mohamed Arkab and his Azerbaijani counterpart, Parviz Shahbazov, at the end of a meeting between the two parties, held at the headquarters of the ministry in the presence of the ministry’s executives, the presidents of the Hydrocarbon Regulatory Authority (ARH), the National Agency for the Development of Hydrocarbon Resources (ALNAFT), and of the Groups Sonatrach and Sonelgaz as well as the delegation accompanying the Azerbaijani minister within the framework of his working visit to Algeria.

During this meeting, the two officials discussed the opportunities to develop “excellent” cooperation relations between the two countries in the field of energy, added the source.

The two ministers discussed investment opportunities between the two countries’ companies in all segments of the hydrocarbon value chain, as well as ways to share experiences between Sonatrach, Sonelgaz, and the State Oil Company of Azerbaijan (SOCAR).

According to the source, “the two parties also discussed gas markets and the evolution of oil markets, welcoming “the process of dialogue between OPEC and non-OPEC countries for the stabilization of the markets in the medium term as well as the consultations between the two countries as part of the Gas Exporting Countries Forum (GECF).”

The talks also highlighted the “important” existing cooperation and investment opportunities in the fields of petroleum products, electricity, renewable energy, and training as well as in the field of energy legislation and regulation, added the source.

The two ministers expressed “the mutual willingness of the two countries to strengthen their cooperation in many areas of common interest,” concluded the same source.