Energy Ministry, Gazprombank mull cooperation

Azerbaijan and Russia's Gazprombank have discussed cooperation during a videoconference meeting held between Energy Minister Parviz Shahbazov and the delegation led by Gazprombank's First Vice-President Denis Shulakov.

During the meeting held on June 30, the sides discussed Azerbaijan's renewable energy potential in the liberated territories, the ongoing reforms in Azerbaijan's energy sector and the opportunities in the private sector.

Furthermore, Gazprom's representatives spoke about the transition to a low-carbon economy, expansion of the use of renewable energy sources and "green bonds", "green investments" and "green financing" mechanisms, which can be used for energy efficiency measures.

The sides decided to continue discussions in the relevant field.

Gazprombank is one of Russia's leading credit organizations, providing banking support services for contracts since 2014.

To date, Gazprombank has implemented large-scale projects in Azerbaijan's oil, gas and petrochemicals areas in cooperation with SOCAR. It participated in financing the SOCAR Polymer project and the modernization of Azerikimya Production Union enterprises.