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CNPC displays interest in SOCAR's projects

1 June 2016 12:27 (UTC+04:00)
CNPC displays interest in SOCAR's projects

By Nigar Abbasova

China National Petroleum Corporation (CNPC) is highly interested in participating in large-scale projects of Azerbaijan’s state energy giant SOCAR , said Wang Shihong, Board Member & Asst.President during a meeting with Rovnag Abdullayev, SOCAR President.

Wang mentioned that China keeps a close watch on the sustainable development of Azerbaijan’s economy. “A number of funds and export-import banks are showing interest in Azerbaijan and particularly in the sphere of energy,” he added

Emphasizing the successful development of Azerbaijani-Chinese bilateral relations and useful cooperation in many spheres, Abdullayev said that participation of Chinese companies in Azerbaijani economy, including energy sector contributed to the development of relations between the countries, Azertac reports.

The sides underlined the importance of further strengthening and developing cooperation and implementation of joint projects.

Abdullayev also informed the guests about the regional and global projects implemented by SOCAR, including Oil and Gas Processing and Petrochemicals Complex, which is expected to replace the existing processing facilities in Baku and Sumgait covering an area of approximately 4,500 hectares.

Being China's largest oil and gas producer and supplier CNPC operates and develops oilfields in Azerbaijan as well as provides oilfield services in the country. The China Petroleum Technology and Development Corporation (CPTDC) which is a wholly owned subsidiary of CNPC opened its office in Baku in 2015. CPTDC which is engaged in the export of the petroleum equipment and materials provides stuff for CNPC’s overseas projects.

CNPC began to provide oilfield services in Azerbaijan since 2003.

The corporation signed a production sharing agreement on the K&K (Kursangi-Karabagli) oilfield which is located in the Kura River basin covers an area of 470 square kilometers.

In January 2003, the corporation bought a 62.83 percent holding in CGL (Commonwealth Gobustan Limited) and thereby acquired 50.26% equity of the Gobustan Oilfield which covers a total area of 600 square kilometers. Since 2005, exploration drilling was launched in the deep zones of the field.

With its headquarters in Beijing, CNPC is one of the world's major oilfield service providers with its presence in almost 70 countries.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

Follow us on Twitter @AzerNewsAz

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