SOCAR & IsDB discuss possible opportunities for cooperation

On March 2, 2023, Rovshan Najaf, the president of SOCAR met with Muhammad Al Jasser, President of the Islamic Development Bank (IsDB), who is on an official visit to Azerbaijan, Azernews reports citing SOCAR.

At the meeting, the parties expressed satisfaction with the successful cooperation between Azerbaijan and the IsDB, and the importance of the projects implemented by the IsDB in various fields in Azerbaijan was emphasized.

Azerbaijani sides gave detailed information about investment projects implemented by SOCAR in Azerbaijan and abroad, including the Southern Gas Corridor, which makes an important contribution to Europe's energy security, were reported.

The meeting discussed SOCAR's long-term strategy, and it was noted that the application of digital and innovative technologies, as well as the development of renewable energy sources, were determined as priority directions.

In this regard, possible opportunities for cooperation between SOCAR and IsDB in the field of oil, gas, renewable energy, and digitalization were considered, and opinions were exchanged on other issues of mutual interest.

IsDB Group enjoys a strong relationship with Azerbaijan and is committed to fostering its socio-economic development. The IsDB Group has approved a total financing of about US$1.2 billion for Azerbaijan. This includes US$956 million in financing by IsDB, US$120.2 million approved by ICD, US$83.4 million in trade operations by ITFC, and US$19.4 million by other IsDB Group funds and operations. In addition, ICIEC has provided US$92.5 million as business insured and US$75.5 million as new insurance commitments.?