Baku, Azerbaijan, April 8 By Sara Israfilbayova - Trend: About 56 percent of the contracts that Azerbaijan’s state oil company SOCAR concluded from 2015 to February 2019 with subcontractors, manufacturers and suppliers account for Azerbaijani companies, SOCAR Vice President for strategic development Tofig Gahramanov told reporters in Baku, Trend reports April 8. Commenting on the opening of the new website, where SOCAR will post information about the needs for equipment, services and materials for small and medium-sized enterprises (SMEs), he noted that this is a great achievement. “From now on, support for local production will reach a new level, and local companies will participate more actively in projects,” he said. Azerbaijan’s state oil company SOCAR and the Center for Analysis of Economic Reforms and Communications signed a memorandum of understanding on April 8. The memorandum envisages creation of a new website for import substitution and support for … [Read more...] about VP: Over half of SOCAR’s contracts account for Azerbaijani companies
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SOCAR to support SMEs in Azerbaijan
Baku, Azerbaijan, April 8 By Sara Israfilbayova - Trend: Azerbaijan’s state oil company SOCAR has decided to take part in supporting small and medium-sized enterprises (SMEs) in Azerbaijan, SOCAR President Rovnag Abdullayev said, Trend reports. He made the remarks at a ceremony of signing a memorandum of understanding between the Center for Analysis of Economic Reforms and Communications and SOCAR on April 8. He reminded that the company participates in many social programs in Azerbaijan. “Special attention is also paid in Azerbaijan to supporting the development of local production,” he said, stressing that supporting SMEs is one of the main directions of Azerbaijan’s policy. The main purpose of the memorandum is to support SMEs in Azerbaijan through a new website. As part of the memorandum, SOCAR will post on the new website requests for goods, equipment and services needed by the company. Follow Trend on Telegram. Only most interesting and important news … [Read more...] about SOCAR to support SMEs in Azerbaijan
SOCAR to establish petrochemical research and development center in Turkey
Baku, Azerbaijan, April 8 By Leman Zeynalova – Trend: Azerbaijan’ state oil company SOCAR is establishing a petrochemical research and development (R&D) center in the Aliaga peninsula in the Aegean province of İzmir, Turkey, Trend reports citing Daily Sabah. Reportedly, businesspeople from Azerbaijan, the largest foreign direct investor in Turkey with $26 billion, have once again turned their route to Turkey. “Gathered under the invitation of Azerbaijani Businessmen Association (TAİB) Chairman Mehdi Nagiyev, the country's businesspeople said they aim to double this investment in the next few years. Nagiyev, on the other hand, stressed that approximately $5.5 billion of the $26 billion investment from Azerbaijan was carried out by the business circle,” said the report. Anar Mammadov, the general manager of SOCAR Turkey Real Estate and Administrative Construction, recalled that the company's investment in Turkey has reached about $15 billion to … [Read more...] about SOCAR to establish petrochemical research and development center in Turkey
SOCAR to establish $1.5 billion petrochemical R&D center in Turkey
The State Oil Company of the Azerbaijan Republic (SOCAR) is establishing a petrochemical research and development (R&D) center in the Aliağa peninsula in the Aegean province of İzmir. SOCAR's new investment, which is said to cost about $1.5 billion, will be completed in late 2020. Businesspeople from Azerbaijan, the largest foreign direct investor in Turkey with $26 billion, have once again turned their route to Turkey. Gathered under the invitation of Azerbaijani Businessmen Association (TAİB) Chairman Mehdi Nagiyev, the country's businesspeople said they aim to double this investment in the next few years. Nagiyev, on the other hand, stressed that approximately $5.5 billion of the $26 billion investment from Azerbaijan was carried out by the business circle. Anar Mammadov, the general manager of SOCAR Turkey Real Estate and Administrative Construction, recalled that the company's investment in Turkey has reached about $15 billion to date. "The total planned … [Read more...] about SOCAR to establish $1.5 billion petrochemical R&D center in Turkey
Pakistan approves fuel supply agreement with SOCAR
Baku, Azerbaijan, April 6 By Leman Zeynalova – Trend: Economic Coordination Committee (ECC) of the Cabinet of Pakistan has approved the fuel supply agreement with Azerbaijan’s state oil company SOCAR, Trend reports citing Pakistani media. “Committee accorded approval to a proposal of Ministry of Petroleum regarding Fuel Supply Agreement between Pakistan State Oil (PSO) and State Oil Company of the Republic of Azerbaijan (SOCAR),” reads the report. Earlier, Federal Minister for Petroleum of Pakistan Ghulam Sarwar Khan said that Petroleum Division will try its best to get this agreement ratified from Cabinet so that mutual relation between both countries can be strengthened. Moreover, he noted that Pakistan and Azerbaijan will constitute a joint working group on energy, Pakistan and Azerbaijan had entered into an inter-governmental agreement (IGA) in February 2017 for supply of a number of oil and gas products, including furnace oil, petrol, diesel and … [Read more...] about Pakistan approves fuel supply agreement with SOCAR