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SOCAR AQS, Halliburton to create joint venture

February 13/2020

MOSCOW (MRC) -- Azerbaijani SOCAR AQS LLC and American Halliburton have agreed to establish a joint venture to provide a broad suite of oilfield products and services in Azerbaijan, SOCAR AQS reported, said Azernews.

It was noted that the joint venture will be based in Baku, 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.

Combining our unrivalled knowledge, experience and infrastructure in Azerbaijan with Halliburtons strength as a global leader in oilfield services, creates a strategic platform for our businesses to work together and grow operations in Azerbaijan, said CEO of SOCAR AQS Ramin Isayev.

Ahmed Kenawi, Halliburton's senior vice president for Europe, Eurasia, and sub-Saharan Africa, noted that cooperation supports the country's strategy to localize high-quality technology services.

By aligning with SOCAR AQS, we believe the planned joint venture will be uniquely positioned to bring world-class offerings to meet the regions growing demands in oilfield products and services, he noted.

SOCAR-AQS LLC was established in 2007 between SOCAR and Absheron Drilling Company to provide drilling and well services. The shareholders are SOCAR, Nobel Oil Services and Absheron Qazma.

Currently, SOCAR AQS conducts drilling operations in four oil and gas fields in the Caspian Sea, including six drilling rigs on five platforms available in the Gunashli, Umid, Bulla and Western Absheron fields.

The company successfully implements drilling works in Turkey in the frame of Expansion of Tuz Golu underground gas storage project, as well as implements the activities under the relevant agreements, expanding its geography in Ukraine and Bangladesh.

SOCAR AQS is a member of International Association of Drilling Contractors (IADC) since 2009. It has been awarded a Certificate of Integrated Drilling and Wells Services API Spec Q2 - Quality Management System. The company is the first and only enterprise in the region to receive API Spec Q2 certification. In November 2018, SOCAR AQS joined the UN Global Compact.

As MRC informed earlier, SOCAR Polymer plans to reach the design load for low-pressure polyethylene (HDPE) no earlier than 2023. In 2019, SOCAR Polymer is expected to produce 48.2 thousand tons of low-pressure polyethylene and 110 thousand tons of polypropylene. In 2020, these indicators will amount to 97.4 and 140 thousand tons, respectively. In 2023, the company is expected to be able to reach its design targets and produce 120 thousand tons of polyethylene and 170 thousand tons of polypropylene. Thus, the production of HDPE relative to 2019 will grow by 2.5 times, polypropylene - by 54%.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,093,260 tonnes in 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments rose from both domestic producers and foreign suppliers. The estimated PP consumption in the Russian market was 1,260,400 tonnes in January-December 2019, up by 4% year on year. Supply of almost all grades of propylene polymers increased, except for statistical copolymers of propylene (PP random copolymers).
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, HDPE, SOCAR Polymer.
Category:General News
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