Azerbaijan and Saudi Arabia have signed a memorandum of understanding on financial audits and control

Chairman of the Azerbaijan Chamber of Accounts Vugar Gulmammadov signed a memorandum of understanding with President of the Saudi General Bureau for Auditing Dr. Hossam Bin Abdul Mohsen Al-Angari on financial auditing and performance control.

The memorandum aims to improve cooperation between the two agencies in the areas of accounting and control, in accordance with both countries' laws and regulations, as well as the main provisions and principles of the International Organization of Supreme Audit Institutions (INTOSAI) and the Asian Organization of Supreme Audit Institutions.

According to the State Customs Committee (SCC) of Azerbaijan, trade with Saudi Arabia topped $5.3 million from January to March 2022, compared to $3.9 million in the same period of 2021 (an increase of 35.5%).

Azerbaijan and United Arab Emirates discussing Garadagh SPP project

The development of the Garadagh solar power plant, which was established in March 2022, was discussed between Azerbaijan and the United Arab Emirates during a meeting between Azerbaijani Energy Minister Parviz Shahbazov and Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director of Abu Dhabi National Oil Company, and Chairman of Masdar at the World Utilities Congress.

The sides emphasised that the Garadagh solar power facility laid the basis for additional bilateral engagements. The parties addressed wind and solar power projects in Karabakh and the Caspian Sea, including coastal islands, as well as green hydrogen and energy efficiency cooperation at the conference.

Masdar is interested in investing in large-scale wind and solar power projects in Azerbaijan, according to the report. Furthermore, the collaboration with the United Arab Emirates and Masdar, a global brand, in the execution of Azerbaijan's green energy programme was praised. During the session, the parties also discussed new green investment potential.

By the end of the first half of 2023, the solar power plant should be up and running.

Azerbaijani Energy Minister: "Azerbaijan can contribute to energy diversification as green energy source"

According to Energy Minister Parviz Shahbazov, Azerbaijan can contribute to energy diversification by providing green energy alongside natural gas. He made the comments while appearing on a panel at the World Utilities Congress in Abu Dhabi, United Arab Emirates.

Due to local resources, a varied energy balance, and supply markets, Azerbaijan is one of the nations with sustained energy independence, according to the minister. "Through the export of renewable energy, Azerbaijan intends to extend its role as a provider of oil, gas, and electricity," he stated. He gave an update on the projects that have been completed or are being planned for the generation and export of power from renewable energy sources. The minister stated that currently, the emphasis is not so much on renewable energy sources, but on the aspect of energy security, and in this regard, the goal of moving from 'net zero' to alternative energy sources has also changed. He noted that the approach to developing green energy, accelerating the energy transition in the context of diversifying energy sources, is more rational and effective than a policy aimed only at reducing emissions and even eliminating natural gas from the energy balance. Shahbazov added that the smoothness of the energy transition and the path to the goal of achieving 'net zero' is directly related to ensuring energy security.

During the panel discussions, the minister touched upon the issues of energy security, energy transition, the growing role of Azerbaijan as a reliable energy supplier, and partnership with the Gulf countries in green energy in terms of the processes taking place in the global energy supply system.