BAKU, Azerbaijan, April 26. The State Oil Company of Azerbaijan (SOCAR) plans to participate with the Hungarian group of companies MOL in oil and gas upstream projects in third countries, an informed source in Azerbaijan's oil and gas industry told Trend.
“SOCAR plans to participate in international ‘upstream’ projects together with MOL. The geography of the projects is Azerbaijan, Europe, and Africa. Commercial feasibility is being studied,” the source explained.
Meanwhile, MOL joined the Azeri-Chirag-Gunashli field block development project in Azerbaijan in 2019 with a 9.57 percent stake (bought from Chevron).
MOL also has an 8.9 percent stake in BTC Co. (operator of the Baku-Tbilisi-Ceyhan oil pipeline activity, also bought in 2019 from Chevron).
Due to its participation in ACG, Azerbaijani oil goes to the refineries of this Hungarian company in Europe.
MOL has a history of 80 years; the company implements projects in more than 30 countries; and its experience is important for SOCAR.
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