TODAY.AZ / Business

SOCAR, STP create joint venture

20 February 2020 [17:50] - TODAY.AZ

By Azernews


By Rasana Gasimova

Azerbaijan’s State Oil Company SOCAR and Sumgayit Technologies Park (STP) have signed an agreement on the establishment of a joint venture.

The agreement on the creation of the SOCAR-STP was signed by STP Director General Emin Mammadov and SOCAR Vice President for Field Development Yashar Latifov, SOCAR reported on its official website.

The new joint venture will manage the manufacturing of heavy cranes and a large workshop of mechanical equipment in the Commonwealth Independent States (CIS).

The joint venture will mainly provide maintenance and repair work of heavy cranes, gushing, APS (Advanced Parts Solution), drilling equipment, and well completion.

Addressing the signing ceremony, SOCAR’s President Rovnag Abdullayev noted that the new joint venture creates conditions for a symbiosis of engineering and mechanical sectors, adding that HSE issues are among priorities of the joint venture.

The agreement follows the memorandum of understanding signed between SOCAR and Sumgait Technological Park on December 10, 2019.

The memorandum is aimed at further improving the material and technical base in the oil and gas extractive sector, developing cooperation opportunities for the introduction of advanced technologies, ensuring technical maintenance and the exchange of specialists between SOCAR and STP.

STP is part of Azerbaijani Azenco company, which is engaged in the construction of facilities in the energy sector. The area of ??the park is 250 hectares. The creation of the Sumgayit Technologies Park is aimed at implementing large infrastructure projects in the industrial sector of Azerbaijan.

The park is one of the largest industrial products in the region. Commissioned on December 22, 2009, STP is a pioneer in the creation of technology parks in the region and is a complex of giant factories specializing in various manufacturing areas. In 2017, it received a status of a resident of Sumgait Chemical Industry Park.

Now, there are 12 plants and more than 30 production sites equipped with the latest technological equipment manufactured in Europe and Japan, where 2,000 people are employed.

STP enterprise manufactures electric power and mechanical engineering products based on modern technologies, particularly, it has launched production of a wide range of different types of cables, transformers, high-voltage equipment, hydraulic turbines, water pumps, electric motors, pipes, technical gases.

The Technopark's targets are to increase sales operations in Asia and Europe, and conquer prospective markets such as Africa and the Middle East.

URL: http://www.today.az/news/business/191275.html

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