SOCAR, Chinese BGP establish joint venture

By Azernews

By Sara Israfilbayova

Azerbaijan’s state oil company SOCAR and the Chinese company BGP Inc, which is a subsidiary of the China National Petroleum Corporation (CNPC), signed an agreement on the establishment of a joint venture.

SOCAR reported that the document was signed by SOCAR President Rovnag Abdullayev and BGP President Gou Liang.

The joint venture will carry out seismic exploration in Azerbaijan and the Caspian Sea.

“Presently, SOCAR, along with the modern technologies, also applies alternative methods for exploring new deposits and stabilizing production. The joint venture will bring in a new perspective and will become a good guarantee for a mutually beneficial exchange of experience between Azerbaijani and Chinese specialists,” Abdullayev said.

SOCAR and BGP Inc signed a Memorandum of Understanding (MoU) on June 6, with the aim of establishing a joint venture to establish cooperation with BGP Inc.

BGP Inc. is in 100 percent ownership of CNPC. The main scope of the company’s activities is exploration on land, in intermediate zones and at sea, including obtaining, processing and interpreting seismic data, manufacturing seismic equipment, and related services in information and communication technologies.

SOCAR is a wholly state-owned national oil company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani section of the Caspian Sea.

The company includes three production associations, one oil refining and gas processing enterprise, an oil flotilla, a deep-water base plant, two trusts, one institute, and 23 structures.

SOCAR established joint companies (including Georgia and Turkey), alliances, operating in various sectors of oil and gas spheres. It has representative offices in Georgia, the U.S., Turkey, Romania, Austria, Switzerland, Kazakhstan, Great Britain, Iran, Germany, Ukraine, Belgium and Canada.