Page 13 - FSUOGM Week 05 2023

FSUOGM POLICY FSUOGM

BP plans to expand renewable energy

investments in Azerbaijan

AZERBAIJAIN BP, the leading investor in the Azerbaijaini oil of the Shafag solar power plant in the Jabrayil
and gas industry, is ramping up its investments region of Azerbaijan will begin in 2023, and
BP is the leading in the country's solar sector as well. its commissioning will take place in 2024. The
investor in the Azeri oil BP's Vice President for Communications solar power plant is expected to generate 500
and gas industry. and External Relations in the Caspian and kWh of electricity annually.
Middle East region, Bakhtiyar Aslanbeyli, He also added that BP hopes that after the
stated in an interview with CBC channel on 26 implementation of this project the company
January that BP plans to expand investments will have the opportunity to implement other
in renewable energy sources in Azerbaijan, renewable energy projects in Azerbaijan.
and expects to sign a final investment agree- In other comments, Aslanbeyli said that
ment with the government of Azerbaijan in the current gas prices are quite objective and
2023 for the construction of a 240 MW Shafag reasonable. He stated that the prices for 2023
solar power plant in the Jabrayil region of will depend on how much Europe can diver-
Azerbaijan. sify gas supplies, as well as the supply of liq-
He explained that BP signed an executive uefied gas, addressing energy efficiency issues,
agreement with the Ministry of Energy of and the situation with Russian gas supplies to
Azerbaijan and negotiations are underway, the European market. He also noted that the
a working group has been created, the main current level of oil prices is attractive for future
commercial issues have been resolved, and investments, but despite this, BP is trying to
the technical study of the issue has been com- reduce costs and apply new technologies to
pleted. Aslanbeyli said that the construction maintain competitiveness. ™

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