Azernews.Az

BAKU - Prospects for expanding energy cooperation, particularly in joint geological oil and gas exploration and energy production, in refining and transportation of hydrocarbons were high on agenda during the talks between Azeri Minister of Industry and Energy Natig Aliyev and his Egyptian counterpart Sameh Fahmy in Baku on Wednesday.
Fahmy is heading a delegation of top oil officials, including the president of Egypt’s national gas company, to Azerbaijan to explore avenues for cooperation with the resource-rich Caspian state in the energy sector.
During the discussions, the Egyptian minister offered Azerbaijan to expand bilateral energy cooperation, including that in oil refining and sale of petroleum products.
Fahmy suggested that Azeri oil be refined in Egypt with further sale of refined oil products to world markets.
He said Egypt has the infrastructure necessary for storage and shipment of oil and gas products to seaports, as well as capacities for storage and shipment of cargoes transported by sea.
Fahmy said the Egyptian side was looking to see Azerbaijan’s oil and gas companies among some 50 energy firms operating in the country.
Over 60 new fields have been recently opened in Egypt, but the country aims at larger hydrocarbon finds, and cooperation with Azerbaijan in geological oil and gas exploration is pivotal in this respect, he said.
Fahmy said that Azerbaijan and Egypt could cooperate in Iraq and as well as in Libya and other African countries.
The Azeri minister said part of Azerbaijan's oil is already being refined at Egyptian refineries. This was made possible owing to SOCAR Trading, a subsidiary of Azerbaijan’s state energy firm SOCAR.
Aliyev said Azerbaijan could carry out geological exploration works in the Mediterranean and Red Seas. The South Caucasus republic has all the required capabilities to conduct geological energy exploration in the two basins, he said.
Aliyev added that it was necessary to set up a joint working group for more detailed negotiations on cooperation.