SOCAR, KazMunayGas sign Memorandum of understanding

Baku. 28 January. REPORT.AZ/ Representatives of SOCAR headed by the President Rovnag Abdullayev held a meeting in Baku with a delegation from Kazakhstan, led by Alik Aydarbayev, Chairman of the Management Board of the JSC National Company KazMunayGas.

Report informs citing SOCAR that Kurmangazy Iskaziev, Deputy Chairman of the Management Board of the JSC NC KazMunayGas, Dimash Dosanov, General Director of JSC Kaztransoil and Marat Ormanov, General Director of the National Maritime Shipping Company Kazmortransflot also participated in the meeting.

The representatives of both companies discussed the prospects of wider cooperation between the two companies throughout all segments of the oil and gas industry and a joint work plan for the near future. Later on, heads of SOCAR and KazMunayGas signed a memorandum of understanding.

The Memorandum envisages a wide range of potential cooperation between the companies, including possible cooperation in geological exploration in the Caspian Sea, joint exploration of geological and geophysical materials on the exploration of hydrocarbon crude as well as transport and trading. Within the scope of the memorandum, Satti, a jackup rig of KazMunayGas will be delivered to Baku where it will be modernized and later used for drilling work by SOCAR in the projects in Azerbaijani sector of the Caspian Sea.

During the meeting, a letter of intent was signed between SOCAR Marketing and Operations and National Maritime Shipping Company Kazmortransflot LLP (NMSC) regarding cooperation prospects in hydrocarbon transportation.

After the official meeting and discussions, the guests visited an interactive exhibition at SOCAR Tower, which reflects the ancient history of Azerbaijan’s oil industry and the new energy strategy of the republic.

National Company KazMunayGas is Kazakhstan's national operator for exploration, production, refining and transportation of hydrocarbons, representing the interests of state in Kazakhstan's oil and gas sector. KazMunayGas was founded in 2002 and includes more than 190 organizations. The shareholders of company are National Wealth Fund Samruk Kazyna (90%) and the National Bank of the Republic of Kazakhstan (10%).