Oil and Gas Processing Foster Wheeler Cooperates With Azerbaijan National Oil Company Socar on Oil and Gas Processing Project
The Swiss engineering specialists announced the signing of a Memorandum of Understanding (MoU) for a future joint venture enterprise in Azerbaijan with the country's national oil company Socar.
Zug/Switzerland – The main goal of this cooperation will be to provide process, engineering, procurement, construction supervision and project management services for a new oil and petrochemical complex in Garadag, Azerbaijan, Foster Wheeler states. As outlined within the MoU, Foster Wheeler and Socar will develop a joint action plant for the new joint company, based in Azerbaijan's capital Baku.
"Foster Wheeler and Socar already have a strong working relationship, including cooperation for the design of the Aegean oil refining facility in Turkey for Socar and its joint-venture partner," said Umberto della Sala, Interim Chief Executive Officer, Foster Wheeler AG. "We are very pleased to sign this MoU, which signals our commitment to Azerbaijan and which will take our relationship with Socar to a new level. Foster Wheeler will bring to the new joint company its worldwide organization resources, technical expertise and international project execution capability on all of Socar's key business areas."
"We consider Foster Wheeler one of the most respected companies in the world and we very much look forward to the formation of this new joint-venture company," added Rovnag Abdullayev, President, Socar. "We are confident that Foster Wheeler will be able to inject into the new entity its proven know-how and its recognized capability to deliver successful projects."