SOCAR expands cooperation with Vietnamese companies

The State Oil Company of Azerbaijan Republic (SOCAR) has engaged in discussions with two prominent Vietnamese energy companies, Vietsovpetro and PetroVietnam, focusing on expanding cooperation and exploring new opportunities for collaboration.

The talks were held between SOCAR Vice President Babek Huseynov and representatives from the Vietnamese firms, with discussions covering experience exchange and other mutually beneficial areas of interest, Caliber.Az reports, citing local media.

SOCAR is one of the largest and most influential oil companies in the region. Established in 1992, SOCAR is responsible for the extraction, refining, and export of oil and gas in Azerbaijan. The company plays a crucial role in Azerbaijan's economy and energy sector, contributing significantly to the country's GDP and international energy trade.

Vietnam's energy sector is anchored by key players such as PetroVietnam, the state-owned oil and gas company, and Vietsovpetro, a joint venture between PetroVietnam and Russia's Zarubezhneft. These companies are instrumental in exploring, extracting, and processing Vietnam's rich offshore oil and gas reserves. The energy sector is vital to Vietnam's economic growth, with significant investments in offshore exploration and production.

Azerbaijan and Vietnam have a history of cooperation in the energy sector, dating back to the Soviet era when Azerbaijani experts were involved in developing Vietnam's oil industry.