Uzbekistan, Azerbaijan's SOCAR Discuss $2B Energy Projects
This was reflected in the statement by the Uzbek Ministry of Investment, Industry and Trade, following a video conference between Minister Laziz Kudratov and Rovshan Najaf, president of SOCAR, on August 27.
According to the Ministry, in the course of the meeting, the sides exchanged views on prospects for further expanding bilateral trade, economic and investment cooperation, with particular attention to ongoing joint projects and new initiatives.
Meanwhile, in Uzbekistan, SOCAR is involved in a hydrocarbon development project with an estimated investment of around $2 billion, making energy cooperation a significant component of the companies' and countries' broader economic ties.
“Particular attention was paid to the progress of ongoing joint projects, as well as the development of new mutually beneficial initiatives,” Uzbekistan's Ministry of Investment, Industry and Trade said.
The discussions also focused on opportunities to increase trade volumes and advance strategic projects involving the two countries.
The sides reaffirmed their readiness to continue close cooperation aimed at expanding bilateral trade and supporting the implementation of strategic joint projects.
The talks underscore the growing role of energy cooperation in Uzbekistan-Azerbaijan economic relations, while also highlighting efforts to broaden bilateral engagement through new investment and commercial initiatives.
SOCAR is Azerbaijan's state-owned oil and gas company, established in 1992. The company employs more than 48,000 people and operates internationally.
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