Baku Energy Forum - SOCAR, Sumgait Technological Park ink memo to develop Azerbaijan industry

SOCAR, Sumgait Technological Park ink memo to develop Azerbaijan industry


A memorandum of understanding was signed in Baku between Azerbaijan’s state oil company SOCAR and Sumgait Technological Park (STP) on Dec. 10, 2019, Trend reports referring to STP.

The memorandum is aimed at further improving the material and technical base in the oil and gas extractive sector, developing cooperation opportunities for the introduction of advanced technologies, ensuring technical maintenance and the exchange of specialists between SOCAR and STP.

SOCAR, which constantly keeps in the spotlight the possibility of applying modern technological achievements in Azerbaijan’s oil and gas industry, is one of the leading partners in the implementation of large-scale projects and cooperation programs both in the local and international arenas.

The company says it has always been interested in developing local manufacturing industry and using local human resources in Azerbaijan.

The memorandum signed between SOCAR and STP has become one of the steps taken to achieve these goals and improve the technical capabilities of oil and gas equipment.

The document provides for bilateral cooperation for the installation, dismantling, repair and maintenance of drilling and safety pipes, pressure testing and revisions in the direction of optimizing the oil and gas production capabilities of SOCAR, which has significant experience in the field of oil and gas field exploitation and highly qualified personnel.

The memorandum, signed between SOCAR and STP, will make significant contribution to the implementation of technical innovations and advanced technologies in Azerbaijan’s oil and gas sector in accordance with the policy of sustainable development of the country’s economy and increasing the capacity of local production, the report said.

STP is the biggest producer in Azerbaijan’s non-oil sector and one of the biggest industrial complexes specializing in the technical maintenance of equipment, as well as the production of parts of special equipment in Azerbaijan.

Areas of economy for which STP offers its products and services include oil and gas, agriculture, construction, logistics, energy, land reclamation and water management, industry and engineering, telecommunications and IT sectors.