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04.11.2016 18:14

SOCAR, EGPC eye expanded energy cooperation

Azerbaijan and Egypt are looking to achieve even more tangible progress in the energy dimension of cooperation.

Azerbaijans state oil giant SOCAR and Egyptian General Petroleum Corporation (EGPC), the companies that have six-year successful energy cooperation, signed a Memorandum of Mutual Understanding (MOU) on November 2.

The document was undersigned by President of SOCAR Rovnag Abdullayev and EGPC CEO Tarik al Hadidi.

The expansion of cooperation between SOCAR and EGPC was high on agenda during the meeting of Abdullayev, who is on his official visit to Egypt, and Egyptian Minister of Petroleum And Mineral Resources Tarek El-Molla.

The sides hailed the role of SOCAR in the in modernization and improvement of Egypts oil industry and exchanged views on the implementation of other joint projects.

Being based in Cairo, Egyptian General Petroleum Corporation, through its subsidiaries, provides oil and gas exploration, refining, and production services.

Cooperation between Azerbaijan and Egypt currently extends to almost every sphere, ranging from political relations to economics, tourism, energy, and education, cultural and humanitarian issues. Both countries are keen to further enhance the bilateral economic and commercial relations.

Since Azerbaijan has gained its independence in 1991, the two countries have started building relations in the political, economic, cultural and educational spheres.

Egypt opened its embassy in Baku in 1993, while Azerbaijans first ever embassy in the African continent was established in Cairo in 1994.

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