Azerbaijan, Algeria discuss investment in oil refining, situation on world oil, gas markets

BAKU. Sept 9 (Interfax) - Azerbaijan and Algeria discussed possibilities for cooperation between Algerian group Sonatrach and the State Oil Company of Azerbaijan Republic (SOCAR) on Tuesday, including investment in oil refining, as well as the situation on the world oil and gas markets, Algeria's Hydrocarbons Ministry reported.

"Negotiations were held on Tuesday in an online format between Algerian Hydrocarbons Minister Mohamed Arkab and Azerbaijan's Energy Ministry Parviz Shahbazov. In the course of the meeting the parties discussed ways to develop and strengthen bilateral cooperation in various areas, as well as preparations for the upcoming meeting of the joint Azerbaijan-Algeria intergovernmental commission on trade, economic, scientific and technical cooperation," the press release said.

They discussed prospects for developing cooperation in the area of hydrocarbons, which both sides characterized as "friendly and excellent," specifically in the areas of well services, field development, hydrocarbon transportation, oil refining and petrochemicals, as well as various types of activities related to the oil and gas industry.

In this context the parties discussed possibilities for investment and partnership between Sonatrach and SOCAR, as well as ways and means to intensify sharing of knowledge and experience in technology, training workers and developing competencies, the ministry said.

They also touched on the memorandum of understanding on the energy sector signed by Algeria and Azerbaijan and ways to active and practically implement it.

The ministers exchanged views on the state of the world gas market and trends on the oil market. They welcomed coordination between OPEC countries and countries that are not members of this organization.

They also stressed the importance of continuing consultations and coordination between the two countries within the Gas Exporting Countries Forum (GECF).

Azerbaijan's Energy Ministry said the first meeting of the Azerbaijan-Algeria intergovernmental commission on trade, economic, scientific and technical cooperation is expected to be held in Baku in the first half of 2027.

The ministers also discussed the possibility of expanding cooperation in petrochemicals, electricity and renewable energy, and agreed to hold the first meeting of the working group on energy before the meeting of the joint commission.