Azerbaijan's energy giant SOCAR and the Dutch Fugro agreed to form a new Joint Venture (JV).
The agreement to form SOCAR-FUGRO LLC, in which Fugro has a 49 percent interest and SOCAR a 51 percent interest, builds upon the original agreement signed in 1995 to establish Azeri-Fugro Ltd, when Fugro first commenced operating in the Caspian region. Standard regulatory approval is expected shortly.
Fugro reported that the JV will be engaged in conduct of bathymetric, geophysical & geotechnical surveys, the provision of autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs), diving services and general positioning support, both onshore and offshore throughout Azerbaijan.
SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan.
Joint Ventures (including ventures in Georgia and Turkey), consortia, and operating companies established with SOCAR's participation, are doing business in different parts of the petroleum industry.
SOCAR owns representative offices in Georgia, Turkey, Romania, Austria, Switzerland, Kazakhstan, Great Britain, Iran, Germany and Ukraine and trading companies in Switzerland, Singapore, Vietnam, Nigeria, and other countries.
The company annually invests billions of dollars in transport infrastructure and is involved in key projects designed to increase Europe's energy security.
Fugro, founded in the Netherlands in 1962, has firmly established itself as the leading player in the offshore survey and geotechnical markets in Azerbaijan over the last two decades.
Also, Fugro provides underwater support to oil & gas companies and major EPC contractors with a modern fleet of AUVs and ROVs. Fugro currently operates offices and workshops in Baku with more than 50 permanent staff.