SOCAR, Foster Wheeler to create joint venture

Oil&Gas Materials 23 September 2011 13:15

Azerbaijan, Baku, Sept.23 / Trend, E. Ismayilov /

The State Oil Company of Azerbaijan (SOCAR) and Foster Wheeler completed the process of creating a joint venture (JV) in Azerbaijan within a month, SOCAR Vice President for strategic development Tofig Gahramanov told journalists on Friday.

He said the joint venture will engage both in a project to build a new processing complex in Azerbaijan and SOCAR staff training in the field of design research work.

The JV will be based on the Italian subdivision of Foster and Azerbaijani Scientific-Research Design Institute of SOCAR. Now preparation of a charter and process of enterprise registration is underway.

SOCAR and the Swiss Foster Wheeler signed a memorandum of understanding in mid-July, which envisages the establishment of a joint venture on the material and technical base of the Neftqazelmitedqiqatlayihe Institute.

The document was signed by SOCAR Vice President for strategic development Tofig Gahramanov and Foster Wheeler Chief Executive Director Marco Marescaux.

The new company's main purpose is to participate in designing, engineering, logistics, procurement, construction and project management in Azerbaijan, the region and other countries.