SOCAR AQS and Halliburton Company (NYSE: HAL) today announced the companies have signed a Memorandum of Understanding (MOU) to form a new joint venture to provide a broad suite of oilfield products and services in Azerbaijan.
“Combining our unrivalled knowledge, experience and infrastructure in Azerbaijan with Halliburton’s strength as a global leader in oilfield services, creates a strategic platform for our businesses to work together and grow operations in Azerbaijan,” said Ramin Isayev, CEO of SOCAR AQS.
“By aligning with SOCAR AQS, we believe the planned joint venture will be uniquely positioned to bring world-class offerings to meet the region’s growing demands in oilfield products and services,” said Ahmed Kenawi, senior vice president of the Halliburton Europe, Eurasia & Sub-Saharan Africa Region. “Additionally, our collaboration supports the country’s strategy of localizing high-end technological services.”
The joint venture will be based in Baku, Azerbaijan, and will focus its business development and operations both on onshore and offshore Azerbaijan.
SOCAR AQS and Halliburton expect to finalize the joint venture and begin operations in the second quarter of 2020 subject to the agreement and finalization of terms and conditions.