Companies from Spain engaged in renewable energy could be of great use in increasing cooperation in this field with Azerbaijan, the Ministry of Foreign Affairs of Spain told Trend News Agency.

"The pivotal Memorandum of Understanding in the field of energy signed between the EU and Azerbaijan brings excellent prospects of cooperation for our countries, not only because the Spanish Enagas company has a significant participation in the Trans-Adriatic Pipeline (TAP), a segment of the Southern Gas Corridor (SGC), but also because this agreement contemplates the development of renewable energy in Azerbaijan," the source said.

According to the ministry, as far as the energy sector is concerned, the prospects are especially promising for the Spanish Tecnicas Reunidas company, which is already well established in Azerbaijan through its partnership with the State Oil Company of Azerbaijan (SOCAR) in the modernization of the Heydar Aliyev Oil Refinery and is looking forward to being involved in the next phases of this project.

The State Oil Fund of Azerbaijan (SOFAZ) could also play an important role when comes to materializing these opportunities, the source added.

Meanwhile, Minister of Foreign Affairs of Azerbaijan Jeyhun Bayramov, during his recent visit to Spain, stated that Azerbaijan extensively discusses the increase in cooperation in renewable energy with Spain.

"Azerbaijan has the potential in supplying green electricity to the EU. Our countries can establish very specific and tangible cooperation in this field. Spain is well known for its green technologies," Bayramov said.