...

Azerbaijan, Uzbekistan working on creating JV to transport oil refining products

Oil&Gas Materials 28 November 2019 10:58
Azerbaijan, Uzbekistan working on creating JV to transport oil refining products

BAKU, Azerbaijan, Nov.28

By Leman Zeynalova – Trend:

Azerbaijan and Uzbekistan are working on creating a joint venture (JV) for transporting oil refining and petrochemical products.

“During a visit of Uzbekneftegaz representatives to Baku in October this year, we agreed on the possibility of creating a joint venture for transportation of oil refining and petrochemical products,” Ibrahim Ahmadov, deputy head of the public relations and events department at Azerbaijan’s state oil company SOCAR, told Trend.

He noted that recently, SOCAR representatives visited Uzbekistan and held more detailed discussions on the possibility of creating a JV.

“Currently, we are in talks on this issue and preparations are underway for working out the necessary documents,” said Ahmadov.

Uzbekneftegaz has recently 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.

Morover, Uzbekistan's Uzkimyosanoat joint-stock company (production structure of chemical industry) and SOCAR 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.

---

Follow the author on Twitter: @Lyaman_Zeyn

Tags:
Latest

Latest