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26.01.2016 09:21

SOCAR, NIOC discuss road map on energy cooperation

Azerbaijan's state energy company SOCAR and National Iranian Oil Company have discussed the development of a road map on further cooperation.

SOCAR reported that the discussions were held between SOCAR Head Rovnag Abdullayev and NIOC CEO Roknoddin Javadi in Iran on January 24.

Abdullayev voiced SOCARs interest in participation both in onshore and offshore energy projects of Iran.

The sides also discussed the prospects for cooperation with local and foreign energy companies.

They noted that Azerbaijan and Iran enjoy huge potential in various fields, including in the energy field, and realization of this potential after the lifting of international sanctions on Tehran would give a strong impetus to the development of bilateral economic relations.

The Iranian side expressed interest in SOCAR's offer. It was noted that the cooperation can cover production of crude oil, trade of oil and petroleum products, as well as joint scientific researches.

Earlier SOCAR and NIOC discussed the possibility of implementing joint projects for exploration and production of oil and gas both in Azerbaijan and Iran, as well as in third countries.

Iran shows interest in Azerbaijans offer to use its infrastructure for transporting energy resources to world markets.

NIOC holds 10-percent share in the project for development of the giant Shah Deniz gas and condensate field in the Azerbaijani sector of the Caspian Sea.

Azerbaijan's energy giant SOCAR, which includes production associations Azerneft, made up of companies involved in the production of onshore and offshore oil and gas, Azerkimya, chemical industry enterprises, and Azeriqaz gas distribution, is involved in exploring oil and gas fields; producing, processing, and transporting oil, gas, and gas condensate; marketing petroleum and petrochemical products in the domestic and international markets; and supplying natural gas to the industries and public in Azerbaijan.

Also, SOCAR owns gas stations in Azerbaijan, Switzerland, Georgia, and Ukraine. It has representative offices in Georgia, Turkey, Romania, Austria, Switzerland, Kazakhstan, Britain, Iran, Germany, and Ukraine, along with trading companies in Switzerland, Singapore, Vietnam, Nigeria, and other countries.

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