SOCAR and KMG discuss implementation of joint investment projects

Astana has hosted a meeting between Rovshan Najaf, the president of the State Oil Company of the Azerbaijan Republic (SOCAR), and Askhat Hassenov, the chairman of the board of Kazakhstan’s National Company KazMunayGas (KMG).

Report informs via KMG that the parties discussed issues related to expanding cooperation.

"The parties discussed the prospects for further expansion of cooperation and confirmed the successful development of the transportation of Kazakh oil via the Aktau-Baku-Ceyhan (BTC) route. From January to April 2025, the total volume of oil shipments amounted to 489,000 tons. The plan for the current year is 1.7 million tons," the statement said.

Starting from January 2025, in addition to Tengiz oil, test shipments of Kashagan oil have begun via the Aktau port through the BTC pipeline system to the Mediterranean Sea. The exporter is KMG Kashagan B.V.

Additionally, the meeting addressed issues related to attracting investments, digitalizing production, exchanging experience and technologies within the framework of previously reached agreements. The possibility of implementing joint investment projects on mutually beneficial terms was also discussed.

KazMunayGas also proposed to SOCAR to combine efforts in conducting environmental research of the Caspian Sea's water resources within the work carried out by the state authorities of both countries.

"Following the meeting, the parties expressed their readiness to intensify efforts across all key areas of cooperation," the statement concludes.