SOCAR, Uzbekneftegaz sign MoU

By Azernews

By Sara Israfilbayova

Azerbaijan’s state oil company SOCAR and Uzbekistan’s national holding company Uzbekneftegaz signed a memorandum of understanding (MoU) in Baku.

The MoU will allow to identify possible directions of activities of Uzbekneftegaz in Azerbaijan. 

The document was signed during the meeting between SOCAR President Rovnag Abdullayev and Chairman of the Board at Uzbekneftegaz Alisher Sultanov, who arrived in Baku to join the 24th International Caspian Oil & Gas Exhibition and Conference 2017, the company reported on June 2.

Abdullayev informed about SOCAR’s regional and global projects, as well as the success that has been achieved within these projects and the experience gained in Azerbaijan-Uzbekistan energy cooperation.

He also pointed out that this success and experience will provide the basis for future projects.

In turn, Sultanov noted the importance of the signed MoU for development of bilateral cooperation between Azerbaijan and Uzbekistan.

Recently, the state energy companies of Azerbaijan and Uzbekistan have agreed to jointly develop oil and gas fields.

In May 2016, SOCAR and Uzbekneftegaz signed a memorandum providing for cooperation in the exploration and development of oil and gas fields and other potential areas for the development of the energy sector.

Uzbekneftegaz National Holding Company joint Stock Company was founded in 1992 and is based in Tashkent, Uzbekistan.

Uzbekneftegaz’s investment portfolio reaches $30 billion and in 2017 alone it needs to direct investments for $3 billion.