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Tuesday December 6 2022

SOCAR, LUKoil mull long-term cooperation

25 November 2020 18:13 (UTC+04:00)
SOCAR, LUKoil mull long-term cooperation

By Ayya Lmahamad

Issues of long-term cooperation between SOCAR and LUKoil were discussed during the meeting between SOCAR President Rovnag Abdullayev with LUKoil President Vagit Alekperov, the company reported on November 25.

The meeting also focused on steps to continue cooperation in the Nakhchivan and the Goshadash structures.

Alekperov noted that LUKoil is interested in expanding existing cooperation and discussed opportunities for the company to participate in other oil and gas exploration and production projects in Azerbaijan.

Earlier in January this year, two companies signed a memorandum of understanding on the exploration block covering the prospective Nakhchivan structure in the Azerbaijani sector of the Caspian Sea, as well as the prospective Goshadash structure in the shallow sea.

It should be noted that the meeting was attended by SOCAR Vice President for Investment and Marketing Elshad Nasirov and Head of Investment Department Vagif Aliyev.

The LUKOIL Group has been operating in Azerbaijan’s oil and gas sector since 1994 and is represented in the country by two subsidiaries.

The company has a 10 percent share in the Shah Deniz and South Caucasus Pipeline projects, and participates in the sale of petroleum products in the retail market of Azerbaijan through a network of about 70 filling stations operating under the LUKOIL brand name.

The company also owns an oil depot that transships 120,000 tons of oil products per year.

SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan. The company owns two refineries in Azerbaijan, one in Turkey, as well as networks of petrol stations in Azerbaijan, Turkey, Georgia, Romania and Switzerland.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz

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