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Economy 17/04/2010 Uzbekneftegaz, SOCAR agree to create joint venture
Uzbekneftegaz, SOCAR agree to create joint venture
Tashkent, Uzbekistan (UzDaily.com) -- Uzbekneftegaz national holding company and the State Oil Company of Azerbaijan (SOCAR) agreed to create a new joint venture. SOCAR will be represented by Ecol Engineering Services CJSC in this deal.

Director General of Ecol Engineering Services Soltan Aliyev said to abc.az, on 16 April, the memorandum of intentions was coordinated between Uzneftgaz and SOCAR on establishment of the joint venture in Uzbekistan.

“Ecol Engineering Services will represent Azerbaijan in this case. New venture Uz Ecol will be engaged in purification of oil-contaminated water, processing of oil detritus in the territory of Mubarekneft, located 1,000 km from Tashkent”, he said.

“The agreement will be signed in the next few days. Presently, talks are held on parity division of participation,” Aliyev said.

After signing a working group of the parties will define terms of the start of its activity.

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