BAKU, Azerbaijan, August 27. The State Oil Company of Azerbaijan (SOCAR) and Russia's Tatneft plan to set up a joint venture (JV) to produce lubricating oils and trade in oil products, the general director of SOCAR, Rufat Mahmud, told Russian media, Trend reports.
“The parties have already signed two roadmaps. We are talking about trade in oil products and ideas to establish joint ventures for oil refining and production of oil products,” he said.
According to Mahmud, the JV can be organized in Azerbaijan or in the territory of third countries.
“The JV will not be in Russia. Here the market is already saturated enough with local producers,” he explained without specifying other details.
To note, SOCAR and Tatneft in November 2023 and May 2024 signed roadmaps on cooperation in oil production and refining, oil and petrochemical sales, experience exchange, human capital development, and other areas.