Foreign investments in Azerbaijan’s oil sector near $70B
Baku, Azerbaijan, Sept.20
By Azad Hasanli - Trend:
Over $68.2 billion has been invested in Azerbaijan’s oil and gas sector from 1995 till 2016 as part of the production sharing agreements, said Rovnag Abdullayev, president of Azerbaijan’s state oil company SOCAR.
“Currently, SOCAR successfully represents Azerbaijan in 17 production sharing agreements signed with 23 companies from 15 countries,” said Abdullayev in his article published in local state newspapers.
At the same time, the activities of 36 joint enterprises, six alliances and subsidiaries created with participation of SOCAR cover all spheres of the oil and gas industry abroad, he added.
“The world’s industry giants, in particular, such companies as BP, Total, Petronas, TPAO, Chevron, Statoil, LUKOIL and others are among our foreign partners with which we cooperate within the joint projects,” said SOCAR’s president.
Much can be said about Azerbaijan’s success achieved together with foreign partners, added Abdullayev.
“Exploration and drilling work has been carried out offshore and onshore, at more than 30 areas,” he said. “Most importantly, the national oil and gas specialists got great experience and SOCAR turned into a company meeting modern requirements. It has turned into an operative, modern company able to compete on international markets.”
“Technological advantages which we have gained together with foreign partners play an important role in the projects implemented by us,” said Abdullayev.