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SOCAR, Uzbekneftegaz, Uzkhimprom to establish JV

25 November 2019 14:28 (UTC+04:00)
SOCAR, Uzbekneftegaz, Uzkhimprom to establish JV

By Rasana Gasimova

State Oil Company of Azerbaijan (SOCAR), Uzbekneftegaz JSC and Uzkhimprom JSC plan to create a joint venture for export of chemical, oil and gas products and fertilizers from Uzbekistan to the European markets.

This agreement was reached following a meeting between Uzbekistan’s First Deputy Energy Minister, as well as the representatives of Uzbekneftegaz JSC and Uzkhimprom JSC and the Azerbaijan delegation represented by SOCAR, SOCAR Trading and Chemtrade LLC at the Uzbekistan’s Ministry of Energy, the ministry reported.

The parties discussed the creation of a joint venture aimed at the exports of chemical and petrochemical products to Europe. Following the meeting, an agreement was reached on the preparation and signing of the protocol of intent, as well as the road map for the establishment of a joint venture between SOCAR, Uzbekneftegaz JSC and Uzkhimprom JSC, which will export chemical, petrochemical products and fertilizers to European markets.

These plans are being implemented in accordance with the agreements reached during the meeting of the Presidents of Uzbekistan and Azerbaijan, Shavkat Mirziyoyev and Ilham Aliyev, which took place in the framework of the 7th Summit of Cooperation Council of Turkic-Speaking States held in Baku in October 2019.

During the meeting, the head of the Azerbaijani delegation, chief manager for marketing and sales of the Socar Trading company’s petrochemicals department, Rufat Khibli, also expressed interest in supplying hydrocarbons to Uzbekistan’s oil refineries.

SOCAR is currently cooperating with Uzbekneftegaz JSC within the framework of an agreement signed in May 2019 with BP Exploration on geological exploration at three investment blocks in Uzbekistan. The document provides for exploration in the Uzbek part of the Aral Sea, the Samsk-Kosbulak and Bayterek investment blocks of the Ustyurt region.

Uzbekneftegaz and SOCAR also signed an agreement to increase hydrocarbon production in four fields in the south of the country using the advanced technologies of the Azerbaijani company.

In 2016, SOCAR and Uzbekneftegaz signed a Memorandum providing for cooperation in the field of exploration and development of oil and gas fields and other potential areas for the development of the energy sector.

Moreover, SOCAR and Uzbekneftegaz reached an agreement on joint oil and gas operations in Azerbaijan and Uzbekistan, as well as in third countries in June 2017.

Recently, the sides agreed to create a joint venture to carry out trading operations in Europe and other countries.

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