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SOCAR, QazaqGas ink MoU on hydrocarbon fields exploration, development [PHOTO]

25 August 2022 14:16 (UTC+04:00)
SOCAR, QazaqGas ink MoU on hydrocarbon fields exploration, development [PHOTO]

By Ayya Lmahamad

Azerbaijani State Oil Company (SOCAR) and Kazakh QazaqGaz have signed a memorandum of understanding (MoU), Azernews reports.

The signing ceremony occurred during a meeting between SOCAR President Rovshan Najaf and a delegation, headed by QazaqGaz’s Board of Directors Chairman, Sanzhar Zharkeshov.

The document provides for the exploration and development of hydrocarbon fields in Kazakhstan, the development of the gas chemical industry, the modernization of the gas transportation industry, the use of innovative technologies in this sector, as well as exploring opportunities for cooperation in other important areas. Moreover, the memorandum will serve to develop close commercial relations between the parties and increase the volume of bilateral investment and technological exchange.

During the meeting, the parties also discussed prospects of cooperation between SOCAR and QazaqGaz, the creation of working groups for the implementation of planned projects, and other issues of mutual interest.

Kazakh oil transportation

Likewise, KazMunayGas’s Deputy Chairman of the Board of Economic and Finance Dauren Karabayev said during the briefing that Kazakhstan and Azerbaijan are discussing the transportation of Kazakh oil. In this regard, he mentioned that Azerbaijan has two oil pipelines, which could be potentially used for these purposes [Baku-Tbilisi-Ceyhan, and Baku-Supsa].

“Discussions with the Azerbaijani side about the possible transportation of Kazakh oil are being held at various levels, including at the state level and at the level of national companies. The details still need to be agreed upon. We will provide more details when we reach an agreement,” he said.

Diplomatic relations between Azerbaijan and Kazakhstan were established on August 30, 1992. The Kazakh embassy in Azerbaijan was opened on January 9, 1993, and the Azerbaijani embassy in Kazakhstan on March 1, 2004.

The two countries closely cooperate in various sectors of the economy. Some 159 companies with the Kazakh capital operate in Azerbaijan in the sphere of industry, construction, trade, agriculture, transport, and services. Azerbaijani companies are also represented in the Kazakh market and Azerbaijan's investments in the Kazakh non-oil sector from 1995 to 2021 amounted to more than $200 million, while Kazakhstan's investments in the Azerbaijani non-oil sector totaled about $100 million.

The trade turnover between Azerbaijan and Kazakhstan amounted to $135.7 million in 2021.

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

Follow us on Twitter @AzerNewsAz

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