The Ukrainian Hydrogen Council estimates $70 billion of investment will be needed to make hydrogen competitive.

The London-listed Anglo Asian Mining produces gold at Gedabek, Gosha and other mines in Azerbaijan in a joint venture with the state.

The document provides for the expansion of bilateral cooperation in the field of oil and gas, petrochemistry, renewable energy sources.

The project which has been tasked by the country's President Shavkat Mirziyoyev is expected to be launched in September 2022 and envisages the production of 190,000 cars per year.

Subject to approval from the government of Azerbaijan, the deal, with an effective date of 1 July 2021, is expected to complete in the fourth quarter of 2021.