NC KazMunayGas and Azerbaijan State Oil and Gas Company (SOCAR) sign a Memorandum of Understanding
Mr. Alik Aidarbayev, the Chairman of the Management Board of the National Company “KazMunayGas” JSC (hereinafter - NC KMG), had a meeting in Baku with Mr. Rovnag Abdullayev, the President of the Azerbaijan Oil and Gas Company (SOCAR). The Kazakhstan delegation in Baku was also represented by Mr. Kurmangazy Iskaziyev, the Deputy Chairman of the Management Board for Exploration, Production and Oilfield Services of NC KMG; Mr. Dimash Dosanov, the General Director of Kaztransoil JSC; and Mr. Marat Ormanov, the General Director of Kazmortransflot National Marine Shipping Company. They discussed prospects for cooperation in all segments of the oil and gas industry. The heads of SOCAR and NC KMG signed a memorandum of understanding.
The memorandum sets out great opportunities for cooperation between the two companies, including exploration in the Caspian Sea, specifically a joint study of geological and geophysical data to explore for hydrocarbons, as well as the cooperation in logistics, trading of oil and oil products. As the first specific project for cooperation, the Memorandum sets forth transportation of floating drilling rig owned by NC KMG called Satti to Baku followed by its upgrade. The rig is going to be utilized when drilling for projects of SOCAR in the Azerbaijani sector of the Caspian Sea.
A letter of intent was signed during the meeting between the Marketing and Economic Operations Department of SOCAR and Kazmortransflot NMSC to cooperate in the field of hydrocarbon transportation.
After the formal meeting, the guests were shown an interactive exhibition in the head office of SOCAR. The exhibition was dedicated to the oil industry in Azerbaijan, to historical milestones of the state that showcased successful development of the industry.
National Company KazMunayGas JSC is a Kazakh national operator engaged in exploration, production, processing and transportation of hydrocarbons. 90.42% of the shares of NC KazMunayGas are owned by Samruk-Kazyna National Welfare Fund JSC, and 9.58% are owned by the National Bank of the Republic of Kazakhstan.