SOCAR, Azerbaijan's STP create joint venture

Thu 20 Feb 2020 08:33 GMT | 12:33 Local Time

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Azerbaijani State Oil Company SOCAR and Sumgayit Technologies Park (STP) have signed an agreement on the establishment of SOCAR-STP joint venture, Trend reports referring to SOCAR.

The new joint venture will manage the manufacturing of heavy cranes and a large workshop of mechanical equipment in the Commonwealth Independent States (CIS).

The agreement on the creation of the SOCAR-STP was signed by STP Director General Emin Mammadov and SOCAR Vice President for Field Development Yashar Latifov.

The main activity of the joint venture will be maintenance and repair work of heavy cranes, gushing, APS (Advanced Parts Solution), drilling equipment, and well completion.

President of SOCAR Rovnag Abdullayev, who attended the signing ceremony, noted that the new joint venture creates conditions for a symbiosis of engineering and mechanical sectors, adding HSE issues are among priorities of the joint venture.

On December 10, 2019, within the framework of the Energy Forward event, SOCAR and STP signed a Memorandum of Understanding on cooperation, which envisaged, among other steps, the creation of SOCAR-STP JV.

STP is part of Azerbaijani Azenco company, which is engaged in the construction of facilities in the energy sector. The area of ​​the park is 250 hectares. The creation of the Sumgayit Technologies Park is aimed at implementing large infrastructure projects in the industrial sector of Azerbaijan.

STP's residents include 12 plants and 30 production sites.

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