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                               SOCAR and Sumgait Technology Park established joint ventureGallery                            
                           
                               
                               
                                   19 February 2020                                                                    

SOCAR and Sumgait Technology Park established joint venture

                               
                               

On February 19, SOCAR and Sumgait Technology Park (STP) signed a joint venture agreement. The new joint venture, called SOCAR-STP, will manage the production of the largest mechanical equipment workshop and heavy crane plant in the CIS region. The agreement was signed by Emin Mammadov, General Director of STP and Yashar Latifov, SOCAR Vice President. SOCAR President Rovnag Abdullayev attended the signing ceremony. The establishment of a joint venture aims to improve cooperation between the global brand of SOCAR and Sumgait Technology Park, one of the country's largest industrial complexes, to further develop the material and technical base in the oil and gas sector and ensure the use of advanced technologies, technical services and expert exchanges. The joint venture aims to increase local production capacity to meet international standards, to become a leading and competitive company offering oil and gas equipment and technology services in the CIS and broader markets.

The key strength of the new joint venture is the combination of professional and experienced technical personnel, industry competencies and modern equipment that meet current market requirements.

The main activities of SOCAR-STP will be drilling equipment, drilling operations, drilling operations, rotary and pressure equipment, fountain fittings, APS (Advanced Parts Solution), heavy cranes, maintenance and repair.

SOCAR President Rovnag Abdullayev said at the signing ceremony that the new facility will create conditions for symbiosis in engineering and mechanical engineering. The main expectation of the new venture is to be successful in open tenders with high quality and competitive operation, and to become a competitive company in both Azerbaijan and other markets. Health, safety and environmental protection will be the top priorities for the newly created company.

SOCAR and STP signed a Memorandum of Understanding on December 10 last year during the Energy Forward event and a joint venture was established today.