TODAY.AZ / Business

Azerbaijan's oil giant may open representative office in Turkmenistan

23 October 2019 [15:52] - TODAY.AZ

By Azernews

By Leman Mammadova

The president of the State Oil Company of Azerbaijan Republic (SOCAR) has proposed opening a representative office in Turkmenistan.

SOCAR’s president Rovnag Abdullayev made the remarks during the 24th international exhibition and conference Oil and gas of Turkmenistan-2019 (OGT 2019), held in Ashgabat on October 22.

Abdullayev said that over the past two years, cooperation between Azerbaijan and Turkmenistan has gained a new impetus. He suggested opening a representative office of SOCAR Trading in Turkmenistan, given the new level of cooperation between the two countries.

“Today, SOCAR operates as a globally integrated energy company. Presence of SOCAR’s modern industrial complexes, both in the Caspian Sea and beyond, its transnational infrastructure and a global trading network for the transportation of oil and gas products led to cooperation with oil and gas entities of Turkmenistan in various fields,” he said.

OGT conference is held annually in Ashgabat, Turkmenistan, with the aim of developing partnerships between the government and international oil and gas companies. SOCAR participated in the conference as a co-organizer and was also represented at the exhibition.

SOCAR Trading SA is engaged in oil and gas sales operations in international markets and currently has offices in Geneva, Singapore, Dubai, London, Houston. In 2017, SOCAR Trading SA sold 108 million tons of oil on world markets.

Turkmenistan and Azerbaijan have significant reserves of oil and gas, which creates optimal conditions for organizing long-term energy supplies to the countries of the Eurasian continent.

Bilateral relations are expected to further intensify with Turkmenistan’s joining the Southern Gas Corridor by implementation of the Trans-Caspian gas pipeline.

There are serious efforts to bring Turkmen gas to Europe. The Southern Gas Corridor, including the Trans-Caspian project, remains a priority for the European Union to bring Turkmen gas supplies to Europe. The length of the gas pipeline extending to the shores of the Caspian Sea at the seabed of the Caspian Sea will be 300 km. In the context of delivery of Turkmen gas to European markets through South Gas Corridor, the ministers of energy of Azerbaijan, Turkey, Turkmenistan and Vice-President of the European Commission for Energy Union Maros Sefcovic signed the Ashgabat Declaration on energy in May 2015.

The efficient use of hydrocarbon resources of the Caspian Sea can be a powerful impetus for the economic growth in the region. Signed in 2018, the Convention on the Legal Status of the Caspian Sea is a historic moment that further strengthened ties among littoral states, that is hopeful for the realization of energy projects envisaging supply of Turkmen gas to the West, which has been delayed for a long time.


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