Masdar signs agreements with the National Oil Company of Azerbaijan

Abu Dhabi (Al Ittihad)
Abu Dhabi Future Energy Company “Masdar”, one of the world’s leading companies in the field of renewable energy, announced today the signing of agreements with the National Oil Company of Azerbaijan (SOCAR) to develop projects in the fields of solar photovoltaic energy, onshore wind energy, and integrated projects for offshore wind energy and green hydrogen. With a total capacity of 4 gigawatts. In the presence of His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, President-designate of the COP28 Conference, Chairman of the Board of Directors of “Masdar”, and His Excellency Mikael Jabarov, Minister of Economy of Azerbaijan, the agreements were signed by Muhammad Jamil Al Ramahi, CEO Masdar Company, and Rovshan Najaf, President of the National Oil Company of Azerbaijan (SOCAR), on the sidelines of the activities of Abu Dhabi Sustainability Week, the global platform concerned with accelerating sustainable development, which is hosted by Masdar in the capital, Abu Dhabi.
On this occasion, His Excellency Dr. Sultan bin Ahmed Al Jaber said: “In line with the leadership’s vision to build bridges of cooperation and support the achievement of sustainable development, these important agreements contribute to the consolidation of the close bilateral relations between the UAE and the Republic of Azerbaijan, and they also reflect the joint commitment of the two countries to diversify the mixture of energy and the development of low-carbon solutions.
His Excellency added: “A meeting of global leaders within the Abu Dhabi Sustainability Week, which is being held in the UAE, reflects the importance of cooperation and building effective partnerships to ensure a realistic, logical, gradual and fair transition in the energy sector, and we look forward to witnessing more announcements of important agreements, alliances and projects during Abu Dhabi Sustainability Week.” ».
For his part, Mohammed Jamil Al Ramahi said: “Azerbaijan is a strategic partner for us in Masdar, and we are proud to contribute to supporting its endeavors in the field of clean energy. These agreements represent an important step on the road to strengthening this fruitful cooperation between us, which would support the achievement of Azerbaijan’s goals related to renewable energy and its continuous march to promote sustainable economic development.
Last June, Masdar signed implementation agreements with the Ministry of Energy of the Republic of Azerbaijan to develop a joint program for renewable energy with multiple technologies and a total production capacity of 10 gigawatts, while the program is the largest of its kind in the history of Azerbaijan. The joint development agreements set the principles of cooperation and partnership between the two parties to develop the first phase of the program, with a total capacity of 4 gigawatts.
SOCAR is an integrated national oil and gas company that supports energy security in the Republic of Azerbaijan. Azerbaijan aims to increase the share of energy generated from renewable sources to 30 percent by 2030, as the country looks to diversify its economy and reduce greenhouse gas emissions.
Masdar is also developing the 230 MW Karadag solar photovoltaic plant in Azerbaijan. The plant will contribute to generating half a billion kilowatt-hours of electricity annually, which is enough to meet the needs of more than 110,000 homes, and will contribute to avoiding more than 200,000 tons of carbon emissions annually, in addition to providing many valuable job opportunities.
Masdar had recently announced its new structure, which included launching the company’s business in the field of green hydrogen, thus becoming one of the largest global companies in the field of clean energy, with expectations that the total capacity of its projects will reach 100 gigawatts of renewable energy and produce one million tons annually of renewable energy. Green hydrogen by 2030. As a leading global company in the field of clean energy, Masdar will contribute to achieving the UAE’s climate neutrality strategy 2050 and accelerating comprehensive transformation efforts in the global energy sector.