Millers Oil launches new facilities in Baku
Running alongside the UKAzerbaijan Partnership Programme, a pioneer and leading UK lubricants manufacturer and distributor Millers Oils Ltd opened its new facilities in Baku on November 23, jointly established with Azerbaijan National Academy of Science (ANAS) in the High Technology Park.
Opening the ceremony President of ANAS Akif Alizade stressed that he highly appreciates the cooperation with the Millers Oils Ltd. and said that this cooperation is aimed at strengthening the links between science and production, bringing research in the field of applied sciences in line with the needs of the market.
The British Ambassador to Azerbaijan Carol Crofts stressed on the future aspects of the cooperation between the two countries.
Great Britain and Azerbaijan are waiting for a long-term productive cooperation in the energy sector, noted the diplomat.
The cooperation of the Azerbaijani Academy of Sciences with Millers Oil is a huge step for the production potential of Azerbaijan and has already led to the use of the latest technologies in Azerbaijan, Crofts said.
The diplomat added that Azerbaijan’s export potential and the number of the country's energy specialists will undoubtedly increase as a result of this cooperation.
The ambassador also congratulated Azerbaijan with the extension of the ‘Contract of the Century’, which will allow the country as well as the country’s people to fully use energy resources.
September 14 saw another milestone in the history of oil-rich Azerbaijan, as the country signed a landmark agreement with BP and its partners in the Azeri, Chirag fields and the Deep Water Portion of the Gunashli Field (ACG), embodying celebration of a ‘Contract of the 21st Century’.
The 1994 agreement on the ACG block of oil and gas fields in the Azerbaijani sector of the Caspian Sea was a crucial turning point in the rapid development of Azerbaijan and its economy.
Over the past 23 years the Contract of the Century has truly transformed Azerbaijan, energy supplies to Europe and the country aspires continue to work together to unlock the long-term development potential of ACG through new investments, new technologies and new joint efforts to maximize recovery.
The current amended and restated agreement on the joint development and production sharing will be effective until the end of 2049 and here is the potential for more than $40 billion capital to be invested in the ACG oil field.
Executive Director of Millers Oils Ltd. Jemi Rhein and other officials also attended the opening ceremony.
A wide range of products will be produced as a result of cooperation between UK and Azerbaijani specialists, Ryan noted. He added that Azerbaijan will be able to further export those products in the region.
Speaking about the organization he represents the executive director of the company, said that Millers Oils is one of the leading companies in the UK with a 130year history of development.
He noted that the company is engaged in the production of premium-class motor oils widely known throughout the world.
Ryan said that the main goal of the establishment of Millers Oils Azerbaijan is to increase the production of oil products meeting international standards and added that the company's goal is to meet the needs of the republic in this field, as well as to enter the markets of Eastern and Central Asia through Azerbaijan.
The UK and Azerbaijan enjoy cooperation in different spheres such as education, trade, tourism, ICT, as well as other infrastructure and transit projects.
The cooperation in the energy sector is currently the key factor of the bilateral economic relations between the two countries. Azerbaijan cooperates with the United Kingdom in the field of exploration and transportation of oil and natural gas from the Azerbaijani sector of the Caspian Sea.
BP as a leading oil company, which has launched its operations in Azerbaijan in 1992, participates in the main production sharing agreements such as the ACG and the Shah Deniz project.
The trade turnover between Azerbaijan and Great Britain amounted to almost $82.67 million in January-April 2017.
Thanks to the reliability as a partner, Azerbaijan has attracted British investment amounting to more than $23 billion in its national economy.
A delegation of representatives of British companies visited Azerbaijan from November 22 to 24. The British Embassy in Azerbaijan reported that the visit was organized within the framework of the Partnership Program between Great Britain and Azerbaijan, an initiative launched in October 2015 in cooperation with the State Oil Company of Azerbaijan (SOCAR) and BP.
The partnership program is designed to encourage British and Azerbaijani companies to form long-term relationships.
During the three-day visit, the British delegation visited a number of British and Azerbaijani companies that are leaders in the oil and gas industry.