Azerbaijan, Bangladesh mull expansion of energy co-op

The cooperation within the Energy Charter creates opportunities for the development of relations between Azerbaijan and Bangladesh, Minister of Energy Parviz Shahbazov said during the meeting with the visiting Bangladeshi Minister of Power, Energy and Mineral Resources Nasrul Hamid on October 23.

The Bangladeshi minister is visiting Azerbaijan to attend the International Energy Charter Forum held in Baku.

During the meeting, the sides discussed the current state and prospects of development of bilateral relations, particularly the opportunities for enhancing cooperation in the energy sector.

“Azerbaijan will chair the International Energy Charter Conference next year. The cooperation within the Energy Charter creates opportunities for the development of ties between the two countries,” Shahbazov said.

The sides hailed SOCAR’s significant role in energy cooperation. They noted the importance of using SOCAR's experience in the development of Bangladesh's oil and gas fields as well as continuation of supply of oil products to Bangladesh by SOCAR Trading S. A.

Shahbazov briefed the guest on Azerbaijan's oil and gas projects, development indicators in the electricity sector, potential and targets in the field of renewable energy.

Nasrul Hamid, in turn, stressed the rapid development of the Bnagladesh’s energy sector, the development of gas fields and the increase of generating capacity, especially due to the renewable energy.

He noted that Bangladesh is currently cooperating with Saudi Arabia's ACWA power, which also cooperates with Azerbaijan on renewable energy, on LNG infrastructure and solar energy projects.

Earlier, Azerbaijan’s SOCAR AQS won a tender for drilling operations in Bangladesh. The contract, concluded in the 3+1 format, provides for the drilling of four wells. The cost of the work is estimated at $35 million.

As of February 2018, SOCAR AQS and Bangladesh Petroleum Exploration and Production Company Ltd (BAPEX) signed a memorandum of understanding on joint participation in new gas projects in Bangladesh.

The Energy Charter Treaty is an international agreement that establishes a multilateral framework for cross-border cooperation in the energy industry.