SOCAR, Tatneft considering joint venture for lubricant production

Director General of the Russian subsidiary of the State Oil Company of the Azerbaijan Republic (SOCAR) - SOCAR RUS Rufat Mahmud has said that SOCAR and Russia’s Tatneft are considering a joint venture to manufacture lubricants.

“The two companies are collaborating closely. They have already signed two roadmaps focusing on oil product trade and joint ventures in oil refining,” he said, Caliber.Az reports, citing local media.

Mahmud noted that discussions are underway about establishing lubricant production, potentially in Azerbaijan or in third countries. However, he clarified that Russia is not being considered for this venture, citing the saturation of the local market with high-quality products from domestic producers.

SOCAR, the State Oil Company of Azerbaijan Republic, is a prominent state-owned enterprise responsible for the exploration, production, and distribution of oil and gas in Azerbaijan. Established in 1992, SOCAR plays a crucial role in the country's energy sector, overseeing a range of activities from upstream exploration to downstream refining and marketing.

The company operates several key assets, including the major offshore fields in the Caspian Sea such as Gunashli and Azeri-Chirag-Gunashli, which are integral to Azerbaijan's oil production. SOCAR is also involved in various international projects and has investments in multiple countries, reflecting its global presence.

Tatneft operates within the energy and utilities industry, specifically focusing on upstream energy activities. It is involved in the exploration and production of energy resources, such as oil and gas, from natural reserves.