By Faiq Mahmudov
The State Oil Company of Azerbaijan (SOCAR) and Russia's PJSC Tatneft are in talks to establish a joint venture for lubricant production, as announced by Rufat Mahmud, General Director of SOCAR RUS, a SOCAR subsidiary. Mahmud highlighted that both parties have already signed two roadmaps: one focused on trading oil products and the other on potential joint ventures in oil refining. The proposed lubricant production facility could be located in Azerbaijan or in third countries, but definitely not in Russia, as Mr. Mahmud clarified. "We have much to learn from each other and many joint initiatives in the works," he noted. "This includes the digitalization of production processes and sharing expertise in petrochemical production. Additionally, we're exploring opportunities for joint market expansion." News.Az reached out to experts for insights on the potential benefits of establishing a joint venture for lubricant production.
29 Aug 2024-10:13
