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News // Alternative energy

BP to explore renewables in oil rich Azerbaijan

19 December 2018 , 18:00Neftegaz.RU497

Baku, December 19 - Neftegaz.RU. BP announced it has signed an agreement to explore renewable energy opportunities in oil rich Azerbaijan. The MOU, signed between BP and Azerbaijan, follows the Government of Azerbaijan’s development of a renewables framework plan.


The plan claimed it was important for the country to increase its share of renewable energy generation. A recent Azerbaijan Energy Regulatory Agency (AERA) report said that the country currently has put 3500 megawatts (MW) of renewables generation into operation over the last 12 years, mainly in thermal, hydro and solar power.


Azerbaijan plans to commission an additional 400MW by 2020. Gary Jones, BP’s regional president for Azerbaijan said: «We look forward to working with the Government and jointly explore the potential renewables opportunities in the country. We support the development of the planned framework for the renewable energy sector in Azerbaijan.»


Parviz Shahbazov, Azerbaijan’s energy minister, said: «With the document we signed today, what Azerbaijan has accomplished in the area of renewable energy sources will enter a new stage of development. I believe our long cooperation with BP based on a strong partnership in the oil and gas sector will be beneficial for the renewable energy sector as well, enabling us to contribute together to the development of clean energy.»


BP Alternative Energy currently has a portfolio across the three areas of renewable fuels, renewable power and renewal products, adding it is looking at «the whole spectrum» of renewable energy opportunities in Azerbaijan.



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