"By the way, our main investors in renewable energy are companies from the UAE and Saudi Arabia. They are already investing now. And our renewable potential should not be underestimated. By 2030, based on signed contracts and investments primarily from the UAE, Saudi Arabia, and China, we plan to have six gigawatts of solar and wind energy," said Ilham Aliyev, President of the Republic of Azerbaijan in his interview with Al Arabiya TV channel, APA reports.
"We are also actively building hydro power stations in Karabakh; almost 300 megawatts have already been created.This is an important part of relations between Azerbaijan and the Gulf Cooperation Council countries, because we have fossil fuels and are also working actively on renewables. Together, we can carry out many good projects. For example, ADNOC, a very important energy company from the UAE, became a shareholder in one of our biggest gas fields in the Caspian. At the same time, our state company SOCAR became a shareholder in one of the oil development projects in the UAE. We are now in the active phase of working on a broad investment portfolio. Political relations are excellent. So we are focusing on practical investment projects in energy and not only in energy, but also in hospitality, tourism, and agriculture. Many projects are in the pipeline. For instance, one of the leading companies of Saudi Arabia was selected by us as a partner in building a desalination plant on the Caspian shore, which will provide many opportunities for agriculture and for people. This is a big part of our foreign policy agenda—one of the main priorities of our foreign policy—cooperation with the Gulf countries," President Ilham Aliyev noted.
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