Natig Aliyev: SOCAR can participate in projects in Saudi Arabia (UPDATE)

Oil&Gas Materials 26 April 2017 15:55 (UTC +04:00)

Details added (first version posted on 13:01)

Baku, Azerbaijan, April 26

By Azad Hasanli - Trend:

Azerbaijan’s state oil company SOCAR can participate in the projects in Saudi Arabia, while in its turn Saudi Arabia’s Saudi Aramco company can take part in the projects in Azerbaijan, Azerbaijani Energy Minister Natig Aliyev said.

Aliyev made the remarks at the meeting with Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia Khalid Abdulaziz Al-Falih in Baku Apr. 26.

"We will continue to discuss the possibility of cooperation between SOCAR and Saudi Aramco in the projects in Azerbaijan and Saudi Arabia, as well as the possibility of joint activity in Turkey," Aliyev said.

“Azerbaijan and Saudi Arabia have great potential,” the Azerbaijani minister said, adding that there are still many issues that the two countries should resolve.

"Following the meeting, we can prepare an agreement in which we will include all the issues and spheres that we want to develop,” Aliyev said. “We can also sign an intergovernmental agreement between Saudi Arabia and Azerbaijan.”

Aliyev said that Azerbaijan has big plans for the development of production in the petrochemical industry, in particular polypropylene.

In this regard, Aliyev called Saudi Arabia for participating in the petrochemical projects.

SOCAR GPC, a gas processing and petrochemical complex of Azerbaijan’s state oil company SOCAR, will be commissioned in Garadagh, 15 km south of Baku in January-March 2022.

According to the initial estimates,the cost of the GPC project is approximately $4 billion.

Dutch ING bank, China Development Bank and Russian Gazprombank are financial consultants of the project. US Vinson & Elkins LLP is a legal consultant at the international level, while PSG Law company has been involved as a legal consultant in Azerbaijan.