SOCAR eyes Japanese firms' investment proposals

/By Azernews/

By Aynur Karimova

Azerbaijan’s state energy giant SOCAR will conduct technical assessment of Japanese companies’ proposals to invest in Azerbaijan’s oil and gas sector.

This was stated by SOCAR President Rovnag Abdullayev at a meeting with Japanese Ambassador to Azerbaijan Tsuguo Takahashi on March 28.

Abdullayev said that the prospects of Japanese companies’ participation in the project on construction of the Oil and Gas Processing and Petrochemical Complex (OGPC) are being discussed.

“SOCAR supports proposals of Japanese companies and banks on investments in Azerbaijan’s oil and gas industry,” he added.

Japan’s ambassador, in turn, confirmed the interest of Japanese companies in continuing the cooperation with Azerbaijan.

Since the establishment of diplomatic relations between Azerbaijan and Japan, Tokyo was one of the first countries to support Baku's forward-looking oil strategy.

Today two major Japanese companies - Itochu and INPEX - are involved in the Contract of the Century. Leaders of Japanese business, Mitsubishi, Mitsui, Marubeni, and Sojits are involved in energy and infrastructure projects in the country as well.

The INPEX Company owns a 10.96 percent stake in the Azeri-Chirag-Gunashli block development project, as well as a 2.5 percent stake in the Baku-Tbilisi-Ceyhan pipeline.

So far, Japanese companies were involved mainly in projects in the energy sector, but in recent years their interests to cooperate in areas such as petrochemicals, oil refining, energy, medicine, high-tech and space industry have increased.