Azerbaijan State Oil Company (SOCAR) and Uzbekneftegaz JSC, state-owned holding company of Uzbekistan's oil and gas industry, have signed a protocol on the creation of a joint venture for trading, AzVision.az reports.
The relevant document was signed between SOCAR's President Rovshan Najaf and Board Chairman of Uzbekneftegaz company Bahodir Siddikov on the sidelines of the Baku Energy Week held on May 31-June 3.
During the negotiations, the parties discussed the current state of implementation of joint projects, as well as promising areas of cooperation. In particular, the possibility of joint exploration and production of oil and gas, constant exchange of experience and professional development of employees in various areas was considered.
Considering the high qualification of SOCAR specialists in the oil and gas industry, the Azerbaijani side was invited to participate in the supervision of drilling and seismic exploration works of Uzbekneftegaz.
Earlier this year, Board Chairman of Uzbekneftegaz company Bahodir Siddikov told reporters that the creation of this JV will lift the cooperation to the fundamentally new level.
"We know about the very successful experience of SOCAR Trading. I believe that in the near future we’ll see such serious stages," Siddikov added.