FFI and Azerbaijan exploring green hydrogen projects

Fortescue Future Industries (FFI), a subsidiary of Australian iron ore company Fortescue Metals Group, and the Ministry of Energy of the Republic of Azerbaijan have signed a framework agreement to jointly study and develop potential green hydrogen and renewable energy projects in Azerbaijan.

Archive / Courtesy of Fortescue Future Industries

The agreement aims to further strengthen the relationship between the two parties by exploring up to 12GW of potential projects from renewable energy sources and green hydrogen production in the country.

Energy Minister Parviz Shahbazov said that the strategic vision for this agreement is emanating from the ‘Azerbaijan 2030: National Priorities for Socio-Economic Development’ – adopted by the President of the Republic of Azerbaijan Ilham Aliyev.

“Out of five national priorities, the one called Clean Environment and a Green Growth Country concretely sets forward targets that overlap with today’s agreement. Specific emphasis should be placed on the MoU signed in July this year between Ilham Aliyev, the President of Azerbaijan, and Ursula von der Leyen, the President of the European Commission, which clearly sets the stage for a green energy corridor between Azerbaijan and European Union”, Shahbazov explained.

The Minister also added that in recent years, strategically important steps have been taken with international energy companies to create large-scale production capacities for renewable energy and green energy export.

Fortescue’s Executive Chairman and Founder, Andrew Forrest, noted: “Our discussions to date with the Government of Azerbaijan have been extremely positive and the signing of this framework agreement today further demonstrates the strong potential for this partnership.

“… 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.”

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