RUSSIA, October 31 - Deputy Prime Minister of the Russian Federation Alexander Novak met with Minister of Economy of the Republic of Azerbaijan Mikayil Jabbarov.

They discussed expanding cooperation between the two countries in the oil and gas and electric power sectors and the development of renewable energy sources. The growing trade between the countries was noted. At the end of 2022, bilateral trade increased by 25 percent. In January–August 2023, it grew by 15.7 percent compared to the same period last year.

“Major Russian oil and gas concerns collaborate with Azerbaijan and are ready to expand cooperation. In particular, there are a number of new initiatives for the transit and processing of Russian hydrocarbons using Azerbaijani capacities. The objective is to consolidate our efforts,” noted Alexander Novak.

The agenda of the talks included the participation of Russian oil and gas companies in new production projects in Azerbaijan and scaling up their fuel sales in the country, including increased reverse supplies of Russian oil through the Tikhoretsk-Baku oil pipeline.

The prospects for expanding technological cooperation between Russian and Azerbaijani companies under the import substitution policy were also discussed.