Indian companies intend to participate in energy and petrochemical projects in Azerbaijan

Report was told in Indian Embassy in Azerbaijan ambassador Rana said that India is happy with participation of Indian oil company, ONGC Videsh Ltd in Azerbaijan’s Azeri-Chirag Gunashli (ACG) PSA. He conveyed the interest of Indian companies to participate in the upstream and downstream projects in energy and petrochemical sectors.Minister Shahbazov welcomed the interest of the Indian companies in undertaking projects in Azerbaijan. He also invited Indian companies to consider investing in the renewable energy projects, particularly in wind and solar energy in Azerbaijan and mentioned that the government was preparing new guidelines to facilitate participation of the national and foreign investors in this area.

Ambassador Rana informed that India was keen to further develop cooperation with the State Agency on Alternative and Renewable Energy Sources (SAARES) of the Republic of Azerbaijan in the area of capacity building and several personnel from SAARES have participated in training course conducted in India under the Indian Technical and Economic Cooperation (ITEC) programme. India and Azerbaijan are partners in development of the International North- South Transport Corridor which will open up many more possibilities of trade and investment between the two countries in coming years. It was mentioned that India, France and the United Nations have launched the International Solar Alliance (ISA) in November 2015 as a coalition of sunlight rich countries lying between the two tropics to jointly find solutions for their energy needs, enhance usage of solar energy through joint efforts and generate employment. India which hosted the ISA Foundation Summit in New Delhi in March 2018 has invited Azerbaijan which is not located between the two tropics but has ample sunlight to join the Alliance as a partner counter.