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SOCAR, Uzkimyosanoat to create JV for chemical products’ export

Oil&Gas Materials 23 November 2019 11:47
SOCAR, Uzkimyosanoat to create JV for chemical products’ export

BAKU, Azerbaijan, Nov.23

By Leman Zeynalova – Trend:

Uzbekistan's Uzkimyosanoat joint-stock company (production structure of chemical industry) and Azerbaijan’s state oil company SOCAR will create a joint venture for chemical products’ export, Trend reports citing Uzkimyosanoat.

Uzkimyosanoat hosted an official meeting with a delegation consisting of representatives of SOCAR, SOCAR Trading SA and Saudi Arabia’s Chemtrade LLC on Nov.21.

“During the visit, with participation of Uzkimyosanoat and SOCAR, the sides reached an agreement to create a joint venture for export of chemical products and control mechanisms in order to further strengthen trade relations between Uzbekistan and Azerbaijan,” reads the message.

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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