(MENAFN- AzerNews)
By Ayya Lmahamad
Azerbaijani State Oil Company (SOCAR) and Kazakh QazaqGaz have
signed a memorandum of understanding (MoU), Azernews reports.
The signing ceremony occurred during a meeting between SOCAR
President Rovshan Najaf and a delegation, headed by QazaqGaz's
Board of Directors Chairman, Sanzhar Zharkeshov.
The document provides for the exploration and development of
hydrocarbon fields in Kazakhstan, the development of the gas
chemical industry, the modernization of the gas transportation
industry, the use of innovative technologies in this sector, as
well as exploring opportunities for cooperation in other important
areas. Moreover, the memorandum will serve to develop close
commercial relations between the parties and increase the volume of
bilateral investment and technological exchange.
During the meeting, the parties also discussed prospects of
cooperation between SOCAR and QazaqGaz, the creation of working
groups for the implementation of planned projects, and other issues
of mutual interest.
Kazakh oil transportation
Likewise, KazMunayGas's Deputy Chairman of the Board of Economic
and Finance Dauren Karabayev said during the briefing that
Kazakhstan and Azerbaijan are discussing the transportation of
Kazakh oil. In this regard, he mentioned that Azerbaijan has two
oil pipelines, which could be potentially used for these purposes
[Baku-Tbilisi-Ceyhan, and Baku-Supsa].
“Discussions with the Azerbaijani side about the possible
transportation of Kazakh oil are being held at various levels,
including at the state level and at the level of national
companies. The details still need to be agreed upon. We will
provide more details when we reach an agreement,” he said.
Diplomatic relations between Azerbaijan and Kazakhstan were
established on August 30, 1992. The Kazakh embassy in Azerbaijan
was opened on January 9, 1993, and the Azerbaijani embassy in
Kazakhstan on March 1, 2004.
The two countries closely cooperate in various sectors of the
economy. Some 159 companies with the Kazakh capital operate in
Azerbaijan in the sphere of industry, construction, trade,
agriculture, transport, and services. Azerbaijani companies are
also represented in the Kazakh market and Azerbaijan's investments
in the Kazakh non-oil sector from 1995 to 2021 amounted to more
than $200 million, while Kazakhstan's investments in the
Azerbaijani non-oil sector totaled about $100 million.
The trade turnover between Azerbaijan and Kazakhstan amounted to
$135.7 million in 2021.
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Ayya Lmahamad is AzerNews' staff journalist, follow her on
Twitter: @AyyaLmahamad
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