SOCAR in talks to de­velop oil field in Rus­sia

Azer News - - Business - By Ab­dul Ker­imkhanov

SOCAR State Com­pany of Azer­bai­jan holds talks on de­vel­op­ing an oil field in Rus­sia.

This was stated by SOCAR Vice Pres­i­dent for In­vest­ments and Mar­ket­ing El­shad Nasirov in Minsk on Novem­ber 1, Reuters re­ports.

Nasirov also said that SOCAR had pro­posed ex­tend­ing its gas con­tract with Gazprom to 2020. It is as­sumed that the vol­ume of pur­chases will be de­ter­mined on the ba­sis of com­mer­cial in­ter­ests, and will not ex­ceed one bil­lion cu­bic me­ters per year.

The pre­vi­ous con­tract was con­cluded in 2017 and ex­pires at the end of 2018.

SOCAR is a wholly state-owned na­tional oil com­pany head­quar­tered in Baku, Azer­bai­jan. The com­pany pro­duces oil and nat­u­ral gas from on­shore and off­shore fields in the Azer­bai­jani sec­tion of the Caspian Sea.

The com­pany in­cludes three pro­duc­tion as­so­ci­a­tions, one oil re­fin­ing and gas pro­cess­ing en­ter­prise, an oil flotilla, a deep-water base plant, two trusts, one in­sti­tute, and 23 struc­tures.

SOCAR es­tab­lished joint com­pa­nies (in­clud­ing Ge­or­gia and Turkey), al­liances, op­er­at­ing in var­i­ous sec­tors of oil and gas spheres. It has rep­re­sen­ta­tive of­fices in Ge­or­gia, the U.S., Turkey, Ro­ma­nia, Aus­tria, Switzer­land, Kazakhstan, Great Bri­tain, Iran, Ger­many, Ukraine, Bel­gium and Canada.

Azer­bai­jan is one of the main eco­nomic part­ners of Rus­sia among the CIS coun­tries. In­ter­re­gional co­op­er­a­tion plays an im­por­tant role in the de­vel­op­ment of Rus­sian-Azer­bai­jani trade and eco­nomic re­la­tions. At present, en­ter­prises of more than 70 re­gions of Rus­sia co­op­er­ate di­rectly with Azer­bai­jan. Fif­teen re­gions of Rus­sia have rel­e­vant agree­ments with Azer­bai­jan on trade and eco­nomic, sci­en­tific, tech­ni­cal and cul­tural co­op­er­a­tion.

Rus­sia has been in­cluded in the list of Azer­bai­jan’s five largest trade part­ners in Jan­uary-June 2018 with the vol­ume of trade turnover of $ 1.14 bil­lion (8.54 per­cent of the to­tal vol­ume of trade turnover).

Azer­bai­jan in­vested more than $1 bil­lion in the Rus­sian econ­omy, and Rus­sia in­vested about $4 bil­lion in the econ­omy of Azer­bai­jan.

The trade turnover be­tween the states amounted to $1.3 bil­lion in Jan­uary-July 2018, ac­cord­ing to State Cus­toms Com­mit­tee of Azer­bai­jan. Rus­sia ac­counts for 7.89 per­cent of the to­tal for­eign trade turnover of Azer­bai­jan.

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