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IBM and SOCAR announce a joint venture

SOCAR and IBM (NYSE: IBM) announce establishment of a joint venture called Caspian Innovation Center LLC for the purpose of building and operating a competitive analytics and delivery center to provide IT, business transformation and business consulting services in Azerbaijan, the Caspian Region and other countries.
The SOCAR-IBM joint venture will offer its’ services to SOCAR and other companies in the region, in order to facilitate digital business transformation and boost the efficiency of production in the energy industry and across sectors. The transformation program will bring the best-practice processes and technology from IBM to Azerbaijan and region. The joint venture will set a basis for practical solutions and IT-related analytics in Azerbaijan, thus essentially contributing to the development of the human capital.

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TĂ©cnicas Reunidas and SOCAR Heydar Aliyev Oil Refinery sign reconstruction agreement

Modernisation works at Heydar Aliyev Oil Refinery envisage the production of higher-quality fuels. Modernisation of the Refinery will continue until 2021.
In this regard, SOCAR-KBR, a contractor of project management consultancy (PMC), has selected Spanish Técnicas Reunidas (TR) as a winner of a tender on an Engineering, Procurement, and Construction (EPC) contract for reconstruction of units and general production facilities,”.

On December 19, Heydar Aliyev Oil Refinery signed an EPC contract with TĂ©cnicas Reunidas for reconstruction of units at the Refinery as part of its modernisation project.

The signing ceremony was attended by SOCAR’s President Rovnag Abdullayev, Vice President for Strategic Development Tofig Gahramanov, Vice President for Refining David Mammadov, Vice President for Economic Issues Suleyman Gasimov, Director of Heydar Aliyev Oil Refinery Elman Ismayilov, Vice Chairman of the Board and CEO at Técnicas Reunidas Juan Lladó Arburúa, TR Director General for Corporate Development Enrique Ruben Alsina Massana, TR Head of Proposals Department Carlos Molinero Monge, and other officials.

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SOCAR Energy Holdings acquires A1 petrol stations in Austria

SOCAR Energy Holdings (SOCAR's Swiss subsidiary) is announcing its entry into the Austrian retail fuel market by taking over petrol station operator A1, as well as mineral oil trading company Pronto Oil. Reinvesting a part of its revenues in Switzerland in order to boost its’ downstream projects, SOCAR Energy Holdings are creating synergies and expanding previous projects.
The primary goal is to diversify the portfolio, discover new markets and generate higher revenues.

Several initiatives in this sense have been ongoing for some time, focusing mostly on partnering mid-sized family companies in Switzerland, as well as in neighboring countries. In some cases, these development initiatives took the form of dealer expansions, supply relationships, joint-ventures, card acceptance or other partnership deals. The acquisition of a well-known family business network A1 and Pronto Oil was the logical next step of this expansion strategy.

Playing a leading role in the petrol station market in the state of Styria, A1’s network comprises a total of 82 petrol stations with accompanying shops and has a presence across most of Austria. The company employs around 150 staff. SOCAR is also taking over mineral oil trader Pronto Oil Mineralölhandels GmbH, which is headquartered in Graz.

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Joint Venture will provide excellent training and educational services based on contemporary programmes to employees working on international energy projects
On 5th December, Petrofac and the State Oil Company of the Republic of Azerbaijan (SOCAR) signed a Shareholders Agreement at SOCAR Tower establishing a joint venture for the utilisation of commercial opportunities more efficiently in training and educational areas of country’s oil&gas;, petrochemical industries. Under the Agreement, SOCAR’s stake has been determined at 51% and Petrofac’s at 49%). The Shareholders Agreement was signed by SOCAR’s President Rovnag Abdullayev and Petrofac’s head of International Engineering and Production Training Services, Karim Osseiran.

The aim of both companies in creation of the joint venture is to use the resources in supporting the knowledge and skills of oil workers. New Joint Venture will provide tested, more advanced and modern training and educational services for the workers of Azerbaijan’s energy sector and those engaged in energy projects of other countries.

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The State Oil Company of Azerbaijan… at a glance

Discover SOCAR

The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate.

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When investors and credit organizations wish to cooperate with any company, first of all the international rating of the company in discussion is reviewed.

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