By BAKU. Nov 29 (Interfax-Ukraine) – Azerbaijan and Algeria have signed a memorandum of understanding on cooperation in the sphere of oil and gas, the Azerbaijani Energy Ministry said.
The memorandum was signed during a visit to Algeria by Azerbaijani Energy Minister Parviz Shahbazov at a meeting with Algerian Energy and Mining Minister Mohamed Arkab.
The document envisions cooperation in the sphere of hydrocarbon exploration and production on land and at sea, the development of hydrocarbon projects and the petrochemical industry, and cooperation in the sphere of marketing, transport, and distribution of energy products.
The document also envisions supplies of Azeri Light crude oil and other types of oil, the implementation of projects to produce green hydrogen and studies of its transport, the organization and creation of regulatory and managing enterprises in the oil and gas sector, and the implementation of joint projects.
There are plans to create a joint working group in order to implement that which is stipulated in the memorandum.
Cooperation with Algerian companies Sonatrach and Sonelgaz was also discussed at the meeting.
The two countries are currently interacting predominantly within the framework of OPEC+.
