Azerbaijan will cooperate with Saudi Arabia in the field of renewable energy sources, Trend reports on March 17.

This is envisaged by a memorandum of understanding, which was signed between the Azerbaijani Ministry of Energy and the Saudi Arabian company ACWA Power.

The document was signed following the meeting between Azerbaijani Energy Minister Parviz Shahbazov and Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia Khalid bin Abdulaziz Al-Falih.

Speaking at the signing ceremony, Shahbazov stressed that the 27th meeting of the Joint Technical Commission is being held today, while the 13th meeting of the Joint OPEC and non-OPEC Ministerial Monitoring Committee will be held on March 18.

Speaking about today's meeting, Shahbazov stressed that the sides discussed a wide range of issues.

“We discussed many issues of bilateral cooperation and a number of projects,” the minister said. “Of course, an important part of the negotiations were the issues related to OPEC and tomorrow’s meeting.”

“Attracting foreign companies to the cooperation with Azerbaijan in the field of alternative energy is one of the important spheres of the ministry’s work,” Azerbaijani Deputy Energy Minister Samir Valiyev told reporters in Baku following the meeting.

“An important part of the country's energy policy is the development of alternative energy,” Valiyev added. “The legislative framework in this sphere and incentive measures are being prepared. We have already signed agreements with a number of companies operating in the field of alternative energy.”

“The memorandum of understanding has been signed with the Saudi Arabian company ACWA Power today,” he said. “The cooperation formats will be determined within the memorandum. We hope that the company will work in Azerbaijan and implement its projects here."

The 13th meeting of the Joint OPEC and non-OPEC Ministerial Monitoring Committee will be held in Baku on March 18. Baku is hosting the 27th meeting of the Joint Technical Commission on March 17.

The participants will discuss the current situation in the oil market, existing problems and other issues. The presentation on the pace of development of the oil market will be held and the report of the Joint Technical Commission on oil production indicators for February will be heard during the meeting.