Elnur Mammadov: Baku and Quito discuss cooperation in oil and energy sectors

The energy sector is one of the promising areas for the development of cooperation between Azerbaijan and Ecuador, stated Azerbaijan's Deputy Minister of Foreign Affairs Elnur Mammadov in his interview with the Ecuadorian agency Expreso, Report informs.

He added that this issue was discussed during his business trip to Ecuador at the beginning of May this year.

"We discussed possible cooperation between Azerbaijan's State Oil Company, SOCAR, and Petroecuador. We believe that through this, the parties will be able to work on a number of high-level joint projects," the deputy minister said.

According to him, first and foremost, the parties considered the possibility of conducting negotiations on concluding an investment agreement aimed at mutual protection of investments.

"Considering that we are talking about large-scale macroeconomic decisions, the geographical distance is quite significant, and such markets require a certain period of adaptation. In this regard, we considered the possibility of launching negotiations on a Bilateral Investment Treaty, because capitals need legal protection for their full-fledged operation. The energy sector, as I mentioned, is one of the areas we have identified as extremely promising for cooperation," Mammadov stated.

He added that Azerbaijan is also ready to share its experience with Ecuador in the field of renewable energy development.

"We are implementing large-scale projects and making major investments in the construction of solar and wind power plants, while you, as far as I know, mainly focus on hydroelectric power plants. We would like to share this knowledge and best practices with you," Mammadov said.

He added that green energy is an important topic not only for Ecuador but also for Azerbaijan, considering the necessity of abandoning fossil fuels at the global level.

"This is an absolute priority on our agenda. We hosted COP29 because we wanted to be one of the world leaders in the fight against global climate change," the deputy minister emphasized.