Under the agreement, the Australian-headquartered company and the country will work together to study and develop potential green hydrogen and renewable energy projects.
The agreement with FFI follows on from a Memorandum of Understanding (MoU) signed in July (2022) between Azerbaijan and the European Commission to accelerate the development and deployment of renewable energy generation and transmission capacity.
Parviz Shahbazov, Azerbaijan Energy Minister said the FFI agreement came as part of strategically important steps taken with international energy companies to create large-scale production capacities for renewable energy and green energy export.
“Azerbaijan, along with transforming into a green energy country, will become an important and reliable partner for the European Union, supplying renewable energy and hydrogen after oil and natural gas,” said Shahbazov. “We believe that our cooperation with Fortescue Future Industries will contribute to the energy security and energy transition of partner countries.”
FFI in October (2022) signed an MoU with Tree Energy Solutions (TES) to develop the ‘world’s largest’ green hydrogen integrated project, with plans of bringing green molecules into Europe.
Read more: TES, FFI partner to develop supply chain of 300,000 tonnes of green hydrogen for Europe
Together, FFI and TES plan to develop industrial-scale green hydrogen production globally with an initial focus on Australia, Europe, Middle East, and Africa. In its first phase, the project is expected to see the supply of 300,000 tonnes of green hydrogen developed.
Commenting on the Framework Agreement with the Eurasian country, Dr. Andrew Forrest, Executive Chairman and founder of FFI, said Azerbaijan is well places to bring green energy to Europe, as well as meeting its own climate goals.
“Despite being historically an oil and gas country, Azerbaijan is well placed to join FFI on the green industrial revolution due to its strategic location to bring green energy to European countries.
“This Framework Agreement is a significant step in enabling Azerbaijan to meet the Government’s ambitious goals of reducing the country’s greenhouse gas emissions to 40% cent below their 1990 levels by 2050.”
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