By  Trend

Azerbaijan’s state oil company SOCAR and UK’s Petrofac international service provider to the oil and gas production and processing industry, signed an agreement on the establishment of SOCAR Petrofac joint venture.

The joint venture is expected to render services for more advanced education and training for employees involved in international energy projects on the basis of modern programs.

The purpose of the establishment of SOCAR Petrofac joint venture is more effective use of commercial opportunities in training in the oil, gas and petrochemical sectors of the country, raising the level of knowledge and skills of oil industry workers.

According to the agreement, SOCAR will own a 51-percent-stake in the new joint venture, while Petrofac – 49-percent-stake.

The agreement on joint venture was signed by SOCAR President Rovnag Abdullayev and Global Head of Training Services at Petrofac Engineering and Production Services Karim Osseiran.

The infrastructure of SOCAR’s Department of Education, Training and Certification will be used during the trainings.