State Oil Company of Azerbaijan (SOCAR) and Indian GAIL Limited company signed the memorandum of mutual understanding on cooperation in field of liquefied gas production, purchase and transportation in New Deli.
SOCAR’s press office reported that the memorandum was signed on November 3, 2014. The document also envisages advancement of the projects in the above-mentioned fields.
According to the memorandum, the sides will consider the possibility of joint investments in the petrochemical projects.
One can conclude from SOCAR’s statement that the Indian company is interested in Azerbaijan’s petrochemical industry. Therefore, in the near future SOCAR will focus on the investment, technological and commercial proposals of the company. If the companies’ interests, then the Indian company will receive the site and raw material in Baku to produce liquefied gas and then bring it to the markets, sell it and then profit will be distributed according to the contract.
