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Halliburton, SOCAR form joint venture to offer oilfield services in Azerbaijan

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SOCAR-AQS and Halliburton have signed a Memorandum of Understanding (MoU) to form a new joint venture to provide a range of oilfield products and services in Azerbaijan.

The joint venture will be based in Baku, Azerbaijan, and will focus is business development and operations both on onshore and offshore Azerbaijan.

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

“By aligning with SOCAR-AQS, we believe the planned joint venture will be uniquely positioned to bring world-class offerings to meet the region’s growing demands in oilfield products and services,” added Ahmed Kenawi, senior vice-president of the Halliburton Europe, Eurasia & Sub-Saharan Africa region. “Additionally, our collaboration supports the country’s strategy of localising high-end technological services.”

The companies expect to finalise the joint venture and begin operations in the second quarter of 2020, subject to the agreement and finalisation of terms and conditions.