Azerbaijan, Kazakhstan to establish JV to introduce new technologies in oil production

Kazakh MangistauMunaiGaz (MMG) and SOCAR will establish a joint venture to introduce new technologies of oil production and processing of waste oil, said the press service of the akimat of Mangistau region on Thursday, KazTAG reported.

"Within the regional business forum "Kazakhstan - Mangistau - Azerbaijan", were signed a series of memorandums of cooperation and intentions. According to the memorandum on cooperation between SOCAR and MMG, a joint venture will be established to introduce the latest technologies in oil production, processing of waste oil, the document says.

"Conducting business forum would enable entrepreneurs of Mangistau region and Azerbaijan to strengthen cooperation and discuss new ways of establishing mutually beneficial dialogue. There is no doubt that one of the areas of cooperation will be oil and gas sector. Over the next 10 years, the oil production in Kazakhstan will double, including oil exports from the region will be at least 95 million tons. It is therefore necessary to develop coastal infrastructure, petrochemical plants and a number of engineering and social infrastructure," said akim Krymbek Kusherbayev was quoted as saying in the press release.

Currently more than 100 joint ventures with Kazakh and Azerbaijani capital, targeted primarily for services in the oil sector, operate in Mangistau region.


/Trend/