Azerbaijan, Egypt considering energy cooperation prospects

Azerbaijan and Egypt consider the prospects for expanding cooperation in energy sector, in particular through joint geological and exploration- production work and oil and gas production, refining and transportation of hydrocarbons, Egyptian Petroleum Minister Amin Sameh Samir  Fahmy said in Baku today.  

Fahmy said Egypt has the entire necessary infrastructure for oil and gas output of hydrocarbons to sea ports, as well as infrastructure for storage and shipment of bulk cargoes. Egypt offers Azerbaijan to expand cooperation in the sphere of Azerbaijan's oil refining in Egypt and sale of refined petroleum products, Fahmy said.

Azerbaijani Industry and Energy Minister Natig Aliyev said part if Azerbaijan's oil is already processed at the Egyptian refineries. This was made possible thanks to the SOCAR Trading (a subsidiary of SOCAR).

Fahmy said the Egyptian side wants to see oil and gas companies of Azerbaijan among about 50 oil and gas companies operating in the country.

Over 60 new fields have been opened in Egypt recently,, but the country is aimed at finding a major source of hydrocarbons, and in this regard, cooperation with Azerbaijan in the geological and exploration is important, he noted.  

Fahmi said that Azerbaijan and Egypt could cooperate and work together in Iraq, Libya and other African countries.

Aliyev said the country has opportunities for geological research in the Mediterranean and the Red Sea. It is necessary to create a joint working group for more detailed negotiations on the cooperation, Aliyev said.


/Trend/