Foster Wheeler, SOCAR form JV to build Azerbaijan oil, petchem complex
Foster Wheeler has agreed to form a jointly-owned company with the State Oil Co. of Azerbaijan Republic (SOCAR) in the Republic of Azerbaijan.
SOCAR is a state-owned company engaged in the fields of oil and gas exploration, production, transportation and marketing. It intends to build an oil, gas processing and petrochemical complex in Garadag, Republic of Azerbaijan.
The new jointly-owned company will focus on providing process, engineering, procurement, construction supervision and project management services associated with the development of the new oil, gas processing and petrochemical complex.
The new entity will provide the same services for upstream, midstream and downstream oil and gas projects developed by SOCAR both in the Republic of Azerbaijan and in other countries.
In line with the principles outlined in the agreement, Foster Wheeler and SOCAR will prepare a joint action plan for the establishment and incorporation of the new company, with its headquarters in Baku, officials said.
“Foster Wheeler and SOCAR already have a strong working relationship, including cooperation for the design of the Aegean oil refining facility in Turkey for SOCAR and its joint-venture partner,” said Umberto della Sala, interim CEO of Foster Wheeler.
Comments