Azerbaijani, Algerian oil companies discuss cooperation

ECONOMICS  29 November 2022 - 20:33

SOCAR Trading, a subsidiary of the State Oil Company of the Azerbaijan Republic (SOCAR), and the Algerian State Oil and Gas Company Sonatrach have discussed the expansion of cooperation in the energy sector.

The discussion took place as part of the visit of Azerbaijani delegation led by Energy Minister Parviz Shahbazov to Algeria, Report informs citing the Azerbaijani Energy Ministry.

Shahbazov met with Sonatrach CEO Toufik Hakkar. Extensive information on the activity of Sonatrach was provided and issues of expanding cooperation between the Algerian company and SOCAR were discussed at the meeting.

Shahbazov stressed the importance of the rapid beginning of work on the planned road map regarding future cooperation between the countries.

During the visit, the Azerbaijani delegation visited the Sonatrach Research and Development Centre, as well as the Algerian Petroleum Institute.

The governments of Azerbaijan and Algeria signed a memorandum on cooperation in the oil and gas sector, Vestnik Kavkaza reports citing the Azerbaijani Ministry of Energy.

The document was issued on November 29 during Azerbaijani Energy Minister Parviz Shahbazov’s visit to Algeria.

According to the memorandum, the parties will cooperate in the exploration and production of hydrocarbons onshore and offshore, the development of the petrochemical industry, marketing, transportation and distribution of energy products, as well as the supply of Azeri Light oil and other types of crude oil.

Moreover, Azerbaijan and Algeria plan to establish cooperation in the implementation of green energy projects and research in the field of hydrogen transportation.
A joint working group will be created to ensure the implementation of the issues in the memorandum.

Caliber.Az