SOCAR and Egyptian oil ministry discuss opportunities for partnership and investment in oil and gas exploration

BAKU. April 16 (Interfax) - The State Oil Company of the Azerbaijani Republic (SOCAR) has conducted talks in Cairo on partnership opportunities and investment in the Egyptian oil and gas sector, particularly in hydrocarbon exploration and production, Egyptian Petroleum and Mineral Resources Minister Karim Badawi said.

The minister met with Azerbaijani ambassador Elkhan Polukhov and a delegation from SOCAR led by Business Development Director Zaur Hasanov. Other participants included Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC) and Osama El Samannoudi, Vice President of the Egyptian Natural Gas Holding Company (EGAS), the Egyptian oil ministry said on social media.

The ministry said that the parties had discussed opportunities for establishing a strategic partnership between Egypt and Azerbaijan in the field of oil and gas, as well as the potential for enhancing interaction and exchanging expertise.

"Badawi confirmed Egypt's ambition for long-term cooperation with SOCAR as part of the ministry's strategy to develop regional partnerships and joint projects. Parties also discussed possible investments in Egypt's petroleum sector, particularly in geological exploration and oil and gas production," the ministry said.

The parties discussed the possibilities for a partnership between EGPC and SOCAR, as well for developing mature oil fields to boost production.

"The parties agreed to create task groups which will conduct joint meetings in the near future and devise in a short time frame a cooperation mechanism which corresponds to the strategies and abilities of both sides," the Egyptian ministry's press service said.