SOCAR is significantly expanding its strategic cooperation with Kazakhstan’s KazMunayGas, Russia’s Tatneft, and Uzbekistan’s Uzbekneftegaz, following the signing of a series of quadrilateral and bilateral agreements in Baku. These agreements mark a new chapter in energy collaboration among these key players in the oil and gas sector.

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.

The Board of Directors of Tatneft will discuss the recommendation on dividend distributions for the first half of 2024 at its meeting on August 13, the Russian oil producer said, APA reports citing TASS .

The Russian oil company, Tatneft, in collaboration with the State Oil Company of Azerbaijan (SOCAR), will develop the Bibi-Heybat onshore field in Azerbaijan.

Russian companies Lukoil, Novatek, Tatneft, and Sibur are discussing joint energy projects with Azerbaijan, underscoring the two countries' desire to deepen economic cooperation in a strategically important area.

The State Oil Company of Azerbaijan (SOCAR) and Russia's Tatneft PJSC have signed a new roadmap for cooperation in Kazan, SOCAR President Rovshan Najaf wrote on his page on X, News.az reports.