Korea Eager to Participate in Construction of Small Gas Refinery Rigs in Azerbaijan

Oil&Gas Materials 9 November 2007 13:50 (UTC +04:00)

Azerbaijan, Baku / Trend / The Azerbaijani Ministry of Industry and Energy and the Korean Petroleum Association will sign a memorandum on cooperation in training of specialists, the Azerbaijani Ministry said. This decision was made at a meeting of Natig Aliyev, the Azerbaijani Ministry of Ministry and Energy and Kim Seng Kin, the head of the Korean Petroleum Association on 9 November.

The meeting was focused on the construction of small gas refinery rigs through the Korean investments. Korea took deep interests in this project and intends to participate in its implementation.

The discussions also concerned the participation of Korean companies in reconstructing the oil refinery plant to improve the quality of production through innovative technologies. Despite absence of oil in Korea, the country's revenues from sale of products obtained from the refinery of oil purchased from foreign countries comprise $205bln a year.

The meeting also centered on exchange of opinions on cooperation between the two countries in different spheres, including the relation in the oil and gas sector. In the near future in line with the agreement exploration drilling will be launched at the Inam field. Korea has 20%-stake in this project.

Korea is participating in the implementation of 40 projects in Azerbaijan in different spheres.