The State Oil Company of Saudi Arabia Saudi Aramco has opened a subsidiary company in Azerbaijan.
The Ministry of Taxes of Azerbaijan registered ARAMCO Overseas Company Azerbaijan LLC on March 2, 2018. The authorized capital of the company is 10 thousand euros.
Earlier it was reported the Minister of Energy of Azerbaijan Parviz Shahbazov discussed questions of expanding bilateral cooperation in the energy sector with the King of Saudi Arabia Salman bin Abdul Aziz Al Saud and with the Minister of Energy, Industry and Natural Resources Khalid al-Falih in January 2018.
In addition, the parties decided to establish a working group between the relevant ministries of the two countries to develop energy cooperation.