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SOCAR, ASAN ink memorandum, co-op deal

Oil&Gas Materials 21 October 2016 17:56 (UTC +04:00)
Azerbaijan’s state oil company SOCAR and ASAN service signed a memorandum of understanding and a cooperation agreement on Oct. 21.
SOCAR, ASAN ink memorandum, co-op deal

Baku, Azerbaijan, Oct. 21

By Maksim Tsurkov – Trend:

Azerbaijan’s state oil company SOCAR and ASAN service signed a memorandum of understanding and a cooperation agreement on Oct. 21.

The documents were signed by SOCAR President Rovnag Abdullayev and Chairman of ASAN Service Inam Karimov.

The memorandum covers issues of cooperation between SOCAR and ABAD service.

The cooperation agreement covers the spheres of education, volunteering activities, environmental protection and safety, IT, application of modern innovations, social responsibility and others.

Addressing the event, Rovnag Abdullayev said that so far $68.2 billion have been invested in Azerbaijan’s oil and gas sector.

“SOCAR’s trading capital has increased by almost twofold since 2007, and total cost of the assets increased from 9 to 40 billion manats,” he noted. “Over the past seven years, the company’s earnings before deduction of interests, taxes and amortization increased by two times.”

He also said there are close cooperation ties between SOCAR and ASAN service.

“The agreements signed today will serve for the implementation of new joint projects aimed at the country’s socio-economic development,” added Abdullayev.

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