SOCAR ready to buy stake in Egyptian refineries (UPDATE)
Details added (first version posted on 12:46)
Baku, Azerbaijan, Nov. 10
By Maksim Tsurkov - Trend:
Azerbaijan's state oil company SOCAR has interest in acquiring stake in oil refineries in Egypt, SOCAR President Rovnag Abdullayev told reporters Nov. 10.
Abdullayev said that earlier, during a visit to Egypt, he had meetings with the country's prime minister, minister of petroleum, and the president of the Egyptian General Petroleum Corporation (EGPC)
"Egypt has a well-developed oil and gas industry, this is a huge market," he explained, adding that Azerbaijan has been for several years exporting oil and oil products to Egypt in volumes exceeding one million tons.
"Thus, our trading activity there [in Egypt] reached a high level," noted Abdullayev.
He further said SOCAR plans to expand its presence in Egypt, adding that the company is interested in taking part in the oil refining process in the country.
SOCAR is the sole producer of oil products in Azerbaijan. It owns filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.
The company is also a co-owner of the largest Turkish petrochemical complex, Petkim, and other assets in Turkey.
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