(Kitco News) - Australian iron ore mining giant Fortescue said yesterday that the Ministry of Energy of the Republic of Azerbaijan and Fortescue Future Industries (FFI) have signed a framework agreement to work together to study and develop potential green hydrogen and renewable energy projects in Azerbaijan.
According to a company statement, the agreement will explore up to 12GW of potential projects from renewable energy sources and green hydrogen production in Azerbaijan.
Fortescue Executive Chairman and Founder, Dr Andrew Forrest AO said, "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.
"This framework agreement signed today is a significant step in enabling Azerbaijan to meet the Government's ambitious goals of reducing the country's greenhouse gas emissions to 40 per cent below their 1990 levels by 2050."
As one of the world's largest and lowest cost iron ore producers, Fortescue is now shipping at an annual rate of over 180 million tonnes with more than 1.7 billion tonnes of iron ore delivered to its customers since 2008.
Through its green energy and technology company FFI, Fortescue is rapidly diversifying its business to become an integrated, global green energy and resources company.
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