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15.11.2016 12:04

Burkina Faso eyes cooperation with SOCAR

Burkina Faso is interested in developing mutual relations with Azerbaijan, in particular, in the energy sphere, said President of Burkina Fasos Parliament Salifou Diallo.

Diallo made the remarks during his meeting with the Azerbaijani delegation led by Energy Minister Natig Aliyev in Burkina Fasos capital, Ouagadougou.

SOCAR Vice-President for Investments and Marketing Elshad Nassirov and management of the Azerkimya Production Association and SOCAR Trading company also took part in the meeting, Azerbaijans state oil company SOCAR reported on November 14.

Aliyev gave thorough information about energy strategy of Azerbaijan, as well as a number of regional and international projects implemented with the participation of SOCAR.

He went on saying that Azerbaijan has an important role in the world energy market, mentioning that the country is one of the mainexporters ofoil and gas.

Salifou Diallo, for his part, noted that Burkina Faso is a major importer of energy and is interested in expanding ties with Azerbaijan.

Burkina Fasois dependent onenergyimports, notably ofoil, as the country has no known crudeoilreserves or refining capacity.

SOCAR expanded its presence in Africa in 2015 by buying a 20 percent stake in Benin's Octogone Stockage de Produits Petroliers that engaged in crude storage. The project became the first directinvestmentof the SOCAR in West Africa.

Diplomatic relations between the two countries were established in 2004, while the sides also cooperate within such organizations as UNO, OIC and African Union, where Azerbaijan has an observer status.

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

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