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SOCAR, Uzbekneftegaz to create JV for trading operations

Oil&Gas Materials 21 November 2019 15:03
SOCAR, Uzbekneftegaz to create JV for trading operations

BAKU, Azerbaijan, Nov.21

By Leman Zeynalova – Trend:

Azerbaijan’s state oil company SOCAR and Uzbekistan’s Uzbekneftegaz joint-stock company will create a joint venture (JV) for trading operations, Trend reports citing Uzbekneftegaz.

Uzbekneftegaz hosted a meeting with an Azerbaijani delegation consisting of representatives of SOCAR, SOCAR Trading and Chemtrade LLC.

The sides discussed the promising areas of cooperation for setting up a joint venture for trading operations and agreed on further steps for speedy creation of the new JV.

The JV will enable Uzbekneftegaz to get access to Europe and other markets, which do not have direct transport corridors with Uzbekistan.

In October this year, SOCAR and Uzbekneftegaz JSC signed a roadmap for geological exploration at Uzbekistan’s investment blocks.

The sides discussed the implementation of joint projects, and developed mechanisms to accelerate their implementation. They signed road maps for geological exploration at Uzbekistan’s investment blocks and on increasing production in the fields of Kashkadarya region to ensure speedy transition to the practical implementation of agreements.

At the same time, the sides reached a number of agreements to accelerate the work on restoring and overhaul of wells, and on arranging the production of oil and gas equipment and components used in drilling and workover in Uzbekistan.

In addition, the sides discussed the possibility of increasing the export potential of oil and gas and chemical products of Uzbekistan with SOCAR Trading.

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Follow the author on Twitter: @Lyaman_Zeyn

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