Russian Ambassador to Armenia, Alexander Novak, recently met with Mikayil Jabbarov, the Minister of Economy of Azerbaijan, in Azerbaijan. The press service of the Russian Foreign Ministry reported this meeting. The two parties held discussions regarding cooperation in the fields of oil, gas, electricity, and expanding collaboration in the energy sector. It is worth mentioning that there has been a significant increase in trade turnover between the two countries, with exports in the last quarter of 2022 witnessing a 25% increase. Moreover, the volume of industrial production from January to August 2023 has risen by 15.7% compared to the previous year.

Alexander Novak emphasized the willingness of Russian gas and oil companies to further develop their cooperation with Azerbaijan. He highlighted several new joint projects that aim to enhance the transportation and processing of Russian hydrocarbons. However, Novak pointed out that the current issue lies in the pipelines. Russian energy companies are participating in new projects to gradually withdraw Russian natural gas companies from Azerbaijan and integrate their operations while also selling surplus products within the country to expand their business prospects.

To enhance collaboration with Russian gas companies in Azerbaijan, discussions are underway regarding new projects to increase the supply of Russian gas to Tikhoretsk-Baku and revive the import of Russian natural gas. These endeavors aim to improve the organization of interaction and strengthen the partnership between the two nations in the energy sector.

These developments mark significant strides in the cooperation between Russia and Azerbaijan in the energy field. The joint efforts of Russian and Azerbaijani companies demonstrate the commitment to fostering stronger economic ties and utilizing the rich resources available in the region. As both countries continue to explore new projects and collaborations, the future holds promising prospects for further growth and mutual benefit.