Azerbaijan, Baku, July 1 / Trend E. Ismayilov /
SOCAR and the British Cape PLC, an international provider of essential, non-motorized industrial services in the field of energy and mineral resources, have created a joint venture SOCAR-Cape JV.
The report said that SOCAR owns 51 percent in the joint venture and the remaining 49 percent - Cape PLC.
The agreement was signed in Baku June 30 by SOCAR President Rovnag Abdullayev and Regional Director for CIS countries, the Mediterranean and North Africa, Cape PLC Guy Rakhem.
According to the report, substantial opportunities will appear in the service and participation in projects related to the further development of Azerbaijani oil and gas fields "Azeri-Chirag-Guneshli" and development project of gas condensate field Shah Deniz.
"We are glad that SOCAR decided to join a joint venture. Azerbaijan is a key country for the growth of business in the CIS because of its large oil and gas fields, as well as significant investments in the region. Partnership with the State Oil Company provides Cape a high level of access to major projects that require our services. This is a great opportunity, " General Director of Cape PLC Martin May said.
Cape PLC was founded in 1893 as a manufacturer of insulation materials. Today the company specializes in providing services in custom systems, public access, insulation, fire protection, fire-resistant coatings, cleaning, as well as training and other important non-motorized services.