The meeting was organized as part of the agreements reached in October 2019 following the visit of Uzbekneftegaz’s Board Chairman, Bakhodir Sidikov to Baku. Following the meeting, further steps were identified for the establishment of a new joint venture.
The joint venture will become a new direction for Uzbekneftegaz, which will allow it to explore export markets of Europe, as well as other countries that do not have direct transport corridors with Uzbekistan.
During the visit to Baku of a delegation consisting of Uzbekistan's 1st Deputy Energy Minister, Zhurabek Mirzamakhmudov and Uzbekneftegaz’s Board Chairman, Bakhodir Sidikov held negotiations with SOCAR President Rovnag Abdullayev. The sides discussed the possibility of increasing the oil and export potential of Uzbekistan’s gas and chemical products with SOCAR Trading.
SOCAR is currently cooperating with Uzbekneftegaz within the framework of an agreement signed in May 2019 with BP Exploration on geological exploration at three investment blocks in Uzbekistan. The document provides for exploration in the Uzbek part of the Aral Sea, the Samsk-Kosbulak and Bayterek investment blocks of the Ustyurt region.
Uzbekneftegaz and SOCAR also signed an agreement to increase hydrocarbon production in 4 fields using the advanced technologies of the Azerbaijani company.
Moreover, SOCAR and Uzbekneftegaz reached an agreement on joint oil and gas operations in Azerbaijan and Uzbekistan, as well as in third countries in June 2017.
