Chinese companies may become owners of up to 50% in the Oil and Gas Processing and Petrochemical Complex (OGPC) in Azerbaijan, head of the country’s state oil company SOCAR Rovnag Abdullayev said.
He said that the work on this issue was underway.
“As you know, SOCAR and China National Petroleum Corporation (CNPC) signed a memorandum of understanding on cooperation in the oil and gas, and petrochemical spheres”, Abdullayev said.
“We currently work together with the Export-Import Bank of China (Exim Bank), other banks and the CNPC, and probably in the near future negotiations will be completed”, he noted.
He said the Chinese companies might become shareholders in the project with a share of up to 50% of stakes, and the financing would be carried out by the Exim Bank of China and another bank.
“This proposal was submitted to them, and the work is underway”, Abdullayev said.
CNPC is a Chinese state-owned oil and gas corporation and the largest integrated energy company in China.
SOCAR is an Azerbaijani state oil and gas company engaged in oil exploration on land and sea, transportation and processing of oil, gas and condensate. (Trend/Business World Magazine)