Azerbaijan’s SOCAR interested in Egyptian oil refineries stake

SOCARAzerbaijan’s state energy firm SOCAR is interested in buying stakes in refineries in Egypt and in participation in the African country’s oil refining sector, SOCAR’s president said.

“We would like to widen our activities in Egypt, particularly to buy stakes in refineries there and participate in Egypt’s oil refining,” Rovnag Abdullayev told reporters.

SOCAR PresiEdent Rovnag Abdullayev held a meeting with Prime Minister of Egypt Sherif Ismail in Cairo. Head of the Egyptian General Petroleum Corporation (EGPC) Mohammad al-Masry and Ambassador of the Republic of Azerbaijan to Egypt Shahin Abdullayev also attended the meeting.

Touching upon the issues of crude oil supply to Egypt and current relations with EGPC, Rovnag Abdullayev spoke about the SOCAR’s projects carried out in Azerbaijan and abroad. Prime Minister Sherif Ismail highly appreciated SOCAR’s activity in Egypt and expressed satisfaction with current cooperation between SOCAR and EGPC. He said there were wide investment opportunities in oil and gas industry of Egypt. He offered his government’s support to SOCAR’s business activity in Egypt.

Abdullayev made his comments a day after his return from Egypt, where he was discussing cooperation in energy sector.

Azerbaijan is exporting about one million tonnes of oil and refined products per year to Egypt.

(Sources: SOCAR & Reuters)

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