Uzbekistan and Azerbaijan are poised to initiate major energy projects.

Source: Trend

According to sources, discussions are underway to investigate solar energy generation and sales by FAS Energy, an initiative of the Uzbek-Azerbaijani Investment Company, with an estimated investment of $150 million. Additionally, plans are in motion for the modernization and reconstruction of three 110 kV substations located in the Fergana, Khorezm, and Tashkent regions, as part of an $8 million project led by Azenco.

An agreement has been signed between Uzbekistan and Azerbaijan’s state oil company SOCAR, for geological exploration in the Ustyurt region. Additionally, a joint trading company has been established. Efforts are also underway to organize the production of chemical reagents and oil and gas equipment in Uzbekistan, with an investment of $8.1 million, and to explore participation in upstream projects in Azerbaijan.

Uzbekistan is actively upgrading and expanding its energy infrastructure. In recent years, it has launched large-scale projects amounting to $5.9 billion. The nation is also pursuing 28 renewable energy projects with a total capacity of 6.3 gigawatts, with the first seven, accounting for 2.6 gigawatts, already initiated in 2023.

On the other hand, Azerbaijan possesses significant oil and natural gas reserves, especially in the Caspian Sea area. The country has been increasing its investments in renewable energy development in recent years.