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Azerbaijan starts to implement oil-gas projects in Saudi Arabia

25 May 2012 12:28 (UTC +04:00)

According to APA-Economics, today, a Memorandum of Understanding on implementation of long-term projects in Saudi Arabia was signed between SOCAR and Saudi Arabian Company Soroof International. Presidents of companies â€“ Prince Bander Bin Abdullah Bin Mohammed Al-Saud and Rovnag Abdullayev signed the document and this document covers establishment of joint venture to operate in the territory of Saudi Arabiaâ€™s Kingdom.

Abdullayev noted that, Saudi Arabia and Azerbaijan had high level friendship relations: â€œSOCAR was invited to Saudi Arabia to implement oil-gas projectsâ€.

SOCAR will have 75% share, Soroof International Company â€“ 25% in the joint venture. This venture will realize exploration, extraction, exploitation, processing and transportation of oil-gas fields, as well long-term projects in oil-chemical spheres. At present, relevant contract projects is being developed and the works are expected to finish during next month. The company is planned to operate in Saudi Arabia some months later.

According to Abdullayev, the venture will mainly operate in exploitation of oil-gas fields: â€œAt present, large program is being carried out in Saudi Arabia. Mainly oil extraction developed in this country, but they need gas. Thatâ€™s why, they prefer gas to be exploited by separate companies. These include exploration and exploration drilling of gas field. We intend to operate in gas field there. SOCAR will conduct geological, geophysical, drilling and construction works thereâ€.