The world cannot abandon fossil fuels in the foreseeable future and must pursue a balanced approach that combines energy security with investment in renewable energy, Azerbaijani President Ilham Aliyev said at the opening of the 31st Baku Energy Forum.

Azerbaijan’s Energy Minister, Parviz Shahbazov, held a meeting with Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, on the sidelines of the Baku Energy Forum.

The State Oil Company of Azerbaijan (SOCAR), Türkiye's BOTAS, France's TotalEnergies, and the UAE's ADNOC have signed a new 15-year agreement for natural gas supplies from the Absheron field in the Caspian Sea.

“Today, we work closely with our partners on energy cables,” President Ilham Aliyev said during his speech at the official opening ceremony of the 31st Baku Energy Forum.

A senior aide to Azerbaijani President Ilham Aliyev has said the South Caucasus has entered a “phase of peace”, adding that energy projects initiated by Azerbaijan contribute to global energy security while serving the interests of regional countries.

Azerbaijan is investing $2.7 billion in wind and solar energy as part of a sweeping plan to boost renewables to one-third of its electricity capacity by 2027 and become a major green power exporter to Europe.

Azerbaijan is set to complete the first phase of its green energy development by commissioning 10 new solar and wind power plants, the country's energy minister announced on Tuesday.

The 30th Baku Energy Forum, a cornerstone event in the Caspian region’s energy sector, has officially begun as part of Baku Energy Week.

Azerbaijan has emerged as a key platform for constructive dialogue on global energy issues, according to OPEC Secretary General Haitham al-Ghais in his message to participants of the upcoming 30th anniversary Baku Energy Forum.