SOCAR, INPEX mull cooperation
By Aynur Karimova
SOCAR, Azerbaijan's state energy giant and INPEX, Japanese largest oil company, have discussed the participation in joint projects in Azerbaijan and abroad.
The discussions were held as part of the visit of SOCAR delegation headed by Rovnag Abdullayev, the company’s president, to Japan and his meeting with INPEX Corporation President Toshiaki Kitamura, SOCAR said on July 9.
The sides discussed INPEX participation in SOCAR’s projects, in particular in ACG project, further cooperation on ACG, possible cooperation prospects on the projects in Azerbaijan and abroad, and organization of training for SOCAR specialists in the Japanese corporation.
Japanese INPEX owns a 10.96 percent stake in the ACG block development project, as well as a 2.5 percent stake in the BTC pipeline.
Diplomatic relations between Azerbaijan and Japan were established in 1992. Relations between the two countries have continued to develop steadily. Japan was one of the first countries to support Azerbaijan's forward-looking oil strategy.
Today two major Japanese companies Itochu and INPEX are involved in the Contract of the Century. Leaders of Japanese business, Mitsubishi, Mitsui, Marubeni, and Sojits are involved in energy and infrastructure projects in the country.
Azerbaijan is considering further cooperation with Japan in the field of high technology, particularly in the field of manufacture of innovative production, with their further entering the regional markets.
So far, Japanese companies were involved mainly in projects in the energy sector, but in recent years their interests to cooperate in areas such as petrochemicals, oil refining, energy, medicine, high-tech and space industry have increased.
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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova
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