Azerbaijan State Oil Company (SOCAR) and Kazakh QazaqGaz signed a memorandum of understanding (MoU). The signing ceremony took place during a meeting between SOCAR President Rovshan Najaf and a delegation headed by QazaqGaz Chairman Sanzhar Zharkeshov.
SOCAR AND QAZAQGAZ AGREE
The agreement provides for the exploration of cooperation opportunities in the research and development of hydrocarbon fields in Kazakhstan, the development of the gas chemical industry, the modernization of the natural gas transport industry, the use of innovative technologies in this sector and other important areas. In addition, the memorandum will serve to develop close commercial relations between the parties and to increase the volume of bilateral investment and technological exchange.
At the meeting, the parties also discussed the prospects for cooperation between SOCAR and QazaqGaz, the creation of working groups for the implementation of the planned projects, and other issues of mutual interest.
KAZAK OIL TRANSPORTATION
Likewise, Dauren Karabayev, Deputy Chairman of the Economy and Finance Board of KazMunayGas, said that during the briefing, Kazakhstan and Azerbaijan discussed the transportation of Kazakh oil. In this context, he noted that Azerbaijan has the Baku-Tbilisi-Ceyhan and Baku-Supsa pipelines that could potentially be used for these purposes.
In addition, Dauren Karabayev said, “There are talks with the Azerbaijani side on the possible transportation of Kazakh oil at various levels, including at the state level and at the level of national companies. Details still need to be agreed. We will give more details when we reach an agreement.”
RECORD-BREAKING AGREEMENT
The two countries cooperate closely in various sectors of the economy. In Azerbaijan, 159 companies with Kazakh capital operate in industry, construction, trade, agriculture, transportation and service sectors. Azerbaijani companies are also represented in the Kazakh market, and from 1995 to 2021, Azerbaijan’s investments in the Kazakh non-oil sector exceeded $200 million, while Kazakhstan’s investments in the Azerbaijani non-oil sector amounted to about $100 million.
Trade turnover between Azerbaijan and Kazakhstan was 135.7 million dollars in 2021. This figure will exceed 135.7 million dollars in 2022 with a new record.
Star Newspaper