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Azerbaijan, Egypt mull SOCAR-EGPC co-op expansion

Oil&Gas Materials 11 November 2016 21:01 (UTC +04:00)

Baku, Azerbaijan, Nov. 11

By Seba Aghayeva – Trend:

Egypt is interested in expanding the role of Azerbaijan’s state oil company SOCAR in the modernization of the country’s oil industry, Tural Rzayev, Azerbaijani ambassador to Egypt, told Trend November 11.

"Today, energy is one of the main directions of cooperation between Azerbaijan and Egypt,” he said. “Azerbaijan's oil export to Egypt amounted to about $300 million in January-September 2016. Azerbaijan and Egypt intend to continue to develop cooperation in this area."

Rzayev added that the negotiations between SOCAR president Rovnag Abdullayev during his visit to Egypt in early November 2016 and the Egyptian minister will contribute to the development of cooperation.

“During his visit to Egypt, Abdullayev held talks with Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla,” Rzayev said.

“During the meeting Abdullayev and El-Molla discussed the expansion of cooperation between SOCAR and EGPC (Egyptian General Petroleum Corporation),” he said.

“The issue is the expansion of SOCAR's participation in the modernization of Egypt’s oil industry and the current joint projects,” the ambassador said.

The ambassador added that a memorandum of understanding was signed between SOCAR and EGPC as part of the talks.

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