BAKU, Azerbaijan, June 7. The State Oil Company of Azerbaijan (SOCAR) is negotiating with AD Ports Group (UAE) about investing in the modernization of Azerbaijan's oil terminals on the Caspian Sea shelf, an informed source told Trend.
"Multimillion-dollar investments in Azerbaijan's cargo transshipment infrastructure, primarily oil terminals, by AD Ports are under discussion. We can reach specific agreements and sign a contract next year," the source explained.
According to the source, AD Ports has extensive experience in developing port infrastructure and managing terminals.
Specifically, the group manages several critical transportation links in Kazakhstan, helped Kazakhstan purchase two tankers for operations in the Caspian Sea, and also acquired a stake in Georgian terminals.
The two tankers built with the assistance of AD Ports for Kazakhstan ('Liva' and 'Taraz') are already involved in delivering Kazakh oil to Baku for further transportation to the global market, added the source.
To note, on May 29, 2024, SOCAR President Rovshan Najaf met with a delegation led by Regional Executive Director of AD Ports Group Abdulaziz Zayed Al-Shamsi to discuss issues of joint participation and cooperation in infrastructure projects in the field of logistics.
Previously, negotiations were also held in 2023 and 2024 to clarify interaction priorities.
SOCAR and SAFEEN Group, a part of the AD Ports Group, signed a Memorandum of Understanding on cooperation in Azerbaijan's maritime and shipping sectors, encompassing clauses on the transit of crude oil, petroleum products, and infrastructure development.