Egypt invites SOCAR to expand its presence in its market

Egypt and Azerbaijan are exploring long-term partnership opportunities in the oil and gas sector, ECO FIN Agency noted, citing the Egyptian Ministry of Oil.

Discussions on this topic took place during a meeting between Egyptian Oil Minister Karim Badawi and Vice President of the State Oil Company of Azerbaijan (SOCAR) Elshad Nasirov on the sidelines of the Baku Energy Week.

"The parties focused their discussions on intensifying the long-term strategic partnership between the two countries and expanding its scope," reads the statement.

Minister Badawi highlighted Egypt's developed oil refining, transportation, storage, and export infrastructure, presenting these assets as a foundation for expanding cooperation.

He also outlined investment opportunities in hydrocarbon exploration, development, and production, and invited SOCAR to expand its presence in the Egyptian market.

The meeting was a follow-up to the framework agreement signed on March 31 in Cairo during the Egypt Energy Show (EGYPES). The agreement covers several areas of cooperation, including the supply of liquefied natural gas (LNG), oil and oil products, investment, training and advanced training.