SOCAR and Uzbekneftegaz create joint venture
18/05/2010 23:58
SOCAR and Uzbekneftegaz create joint venture
18/05/2010 23:58
Tashkent, Uzbekistan (UzDaily.com) -- The State Oil Company of Azerbaijan (SOCAR) and Uzbekneftegaz national holding company signed a memorandum of intention on creation of joint venture for processing of oil detritus and purification of oil-contaminated soil.
Fineko/abc.az reported quoting the Vice President for Ecology Issues of Ecol Engineering Services Soltan Aliyev, currently there is no talks on contract, but a working group for preparation was created.
“Process of preparation of the documentation is in progress, including estimations of demand for attraction of investments and the equipment. In particular, Azerbaijan will buy for the joint venture new installations - separators”, Aliyev said.
Ecol Engineering Services will represent Azerbaijan in this case. New venture will be named as Uz Ecol. The venture will be engaged in purification of oil-contaminated water, processing of oil detritus in the territory of Mubarekneftegaz, located 1,000 km from Tashkent city.
The agreement will be signed in few days. Presently, talks are held on parity division of participation (50%-50%).
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