Azerbaijani oil service company to operate in Iran
Baku, Azerbaijan, Nov. 8
By Maksim Tsurkov - Trend:
The Azerbaijani Bos Shelf oil service company plans to begin operating in Iran in the near future, CEO of Bos, Shelf Ihtiyar Akhundov, told Trend.
He said the company has significantly increased its portfolio and now plans to operate in foreign markets.
"With the expansion of our portfolio, we now operate one of the largest logistics bases in the world," Akhundov said. "This work includes support for all operations in offshore deposits that were previously performed by foreign contractors."
Further, Akhundov said the company plans, in the future, to provide services in the Iranian market.
"Iran is a huge market, and we would like to enter it," said Akhundov. "One needs to adjust the prices of one's own services, since such circumstances create an unfavorable environment for the development of production. When capital costs are high, it is difficult to compete successfully in the market. One should fight this, and if we succeed, then we will occupy a huge segment of the reopening Iranian market as a contractor."
He went on to add that, currently, the oil industry in Iran lags behind the Azerbaijani oil industry by three to four years.
"This is particularly due to the fact that Iran has long been under the influence of international sanctions and could not import technologies," Akhundov said. "They need three to four years to once again reach the level of development, which is now seen in Azerbaijan. Therefore, we believe one needs to join the Iranian market, offer services, use the opportunities and conquer the market. I think we will succeed."
BOS Shelf is the company formed by Star Gulf FZCO and the State Oil Company of Azerbaijan Republic (SOCAR), which are represented in the partnership by Baku Deep Water Jackets Factory (BDOZ).
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