Azernews.Az

By Sara Israfilbayova

Saudi Arabia, the largest state on the Arabian Peninsula, is interested in the oil refining and petrochemical sectors of energy-rich Azerbaijan and considered the possibilities of cooperation in these areas.

Saudi Arabian Energy Minister Khalid Al-Falih stated the intention of his country at the meeting with his Azerbaijani counterpart Parviz Shahbazov in Vienna within the framework of the 3rd meeting OPEC+.

The national Ministry reported, the Saudi minister noted that OPEC's cooperation with countries outside the cartel is accompanied by consistent achievements, and assessed positive trends towards stabilizing oil prices.

“Azerbaijan's support for this process and commitment to the deal are important factors for achieving a common goal,” said Khalid Al-Falih.

“Issues of bilateral cooperation in the energy sector between Saudi Arabia and Azerbaijan were also discussed. Saudi Arabia showed interest in the petrochemical and oil refining industry of Azerbaijan and discusses the possibilities of cooperation in this direction,” the ministry reported.

OPEC and other major oil producers agreed in December 2016 to remove 1.8 million barrels a day from the market.

Azerbaijan’s participation in joint oil production cuts is defined at 35,000 barrels per day.

OPEC has decided to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.

Saudi Arabia was one of the first countries to recognize the independence of Azerbaijan in 1991 and a year later the diplomatic relations between the two countries were established.

In recent years, economic relations with the increased interest in investment strengthened and expanded with the trade turnover amounting to $6.05 million in January-June 2017.

Delegation of businessmen and managers of large Saudi Arabian’s companies repeatedly visited Azerbaijan.

Currently, four companies of Saudi Arabia operate in Azerbaijan. So far, 14 agreements have been signed between the two sides. In the near future, the countries expect to sign eight new agreements.

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