SOCAR eyes co-op with Angola

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ngola’s Sonangol Hidrocarbonetos Internacional oil and gas company is interested in cooperation with Azerbaijan’s state energy giant SOCAR.

SOCAR reported that the issue was on the highest agenda during the meeting of Rovnag Abdullayev, President of SOCAR with Federico Domingos, Director General of Sonangol Hidrocarbonetos İnternacional and Filomena Oliveira, Deputy Director General of the company.

The representatives of the Angolan delegation expressed their interest in cooperation with SOCAR.

Abdullayev, in his turn, said that great opportunities and a favorable investment climate have been created in Azerbaijan for the operation of international companies. He also mentioned that cooperation with the Angolan company is expected to make a great contribution to the development of relations between the two countries.

SOCAR expanded its presence in Africa in 2015 by buying a 20 percent stake in Benin's Octogone Stockage de Produits Petroliers that engaged in crude storage.

Angola is considered to be one of the largest oil producers as well as the 5th largest economy in Africa with the GDP of $129.785 billion.

Sonangol Hidrocarbonetos İnternacional Company is a sole concessionaire for exploration of oil and gas on the subsoil and continental shelf of Angola. The company is engaged in the exploration, production, manufacturing, transportation and marketing of hydrocarbons in Angola.

Being a wholly state-owned company and headquartered in Baku, SOCAR produces oil and natural gas from onshore and offshore fields in the Azerbaijani section of the Caspian Sea. The company continuously looks for favorable opportunities for investment in the oil and gas industry.