19 May 2023 09:41

SOCAR, Uzbekneftegaz discuss forming joint venture

BAKU. May 19 (Interfax) - The State Oil Company of Azerbaijan Republic (SOCAR) and Uzbekneftegaz are discussing the possibility of forming a SOCAR Trading joint venture and carrying out service contracts, the Uzbek oil and gas company reported.

These issues were discussed at a meeting between Uzbekneftegaz management and SOCAR president Rovshan Najaf.

At the meeting the parties stressed the importance of strengthening and developing cooperation on oil production and transportation. Particular interest was shown in the project to modernize the Bukhara Oil Refinery, as well as joint development of fields, both in Uzbekistan and Azerbaijan, the company said.

SOCAR is also prepared to participate in service contracts, as well as become an operator of projects in Uzbekistan.

The Uzbek side thanked the SOCAR representatives for their interest in developing potential cooperation between the companies and stressed the importance of developing renewable energy, proposing close cooperation on this, Uzbekneftegaz said.