The Ministry of Taxes registered the Azerbaijan-Dutch joint venture SOCAR-Fugro. The parties signed an agreement establishing the joint venture in late December last year.
The registration of LLC SOCAR-Fugro took place on 3 April this year. The Ministry of Taxes (state agency for registration of commercial entities) published the information about it only on May 28 at a special edition of the newspaper Vergiler (Taxes).
SOCAR has 51 % and Fugro has 49% of the equity. The parties contributed to the authorized capital of 100,000 manat. The new company will arrange geotechnical studies in Azerbaijan.
The Director of LLC Azeri Fugro is a British citizen Christopher Allan Mott. The Supervisory Board of the company includes Ilham Nasirov, Mehman Orujaliyev, Mukhtar Guliyev, Hoope Johannes Ten, Michael Leonard Dravitzki and Ralf Trapphoff.
In 1995, these same companies created LLC Azeri Fugro for activities in the Caspian region. SOCAR holds a 60 % stake in this company.
LLC SOCAR Fugro will provide bathymetric, geophysical and geotechnical studies to provide diving services on the territory of Azerbaijan, both on land and at sea.
Today SOCAR is the co-founder of 35 joint ventures and 6 alliances. -08D-
Economics
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BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18. This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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