President of the State Oil Company of Azerbaijan Republic (SOCAR) Rovshan Najaf met with the CEO of Tatneft Nail Maganov in Tatarstan, Russia, AzVision.az reports.
The visit resulted in a significant development for both companies, with SOCAR and Tatneft signing an agreement to collaborate in the petrochemical sector and a memorandum of understanding for joint ventures in the oil industry. Discussions also covered human capital development and potential future collaborations.
During the visit, the SOCAR delegation received a firsthand look at Tatneft's operations, touring the TANECO Oil Refining Complex, which includes oil refineries and petrochemical plants, along with other company facilities.
Tatneft is a major oil company in Russia with a strategy of increasing reserves and expanding its reach internationally. SOCAR, on the other hand, operates across various sectors, from oil and gas exploration and production to processing, transportation, and distribution of oil and petrochemical products in domestic and international markets. The company is crucial for supplying natural gas to Azerbaijan's industries and citizens, and it also extends its services to Europe.
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