SOCAR created a new company - a contract already signed


February 20, Fineko/abc.az. SOCAR and Sumgait Technology Park (STP) have signed an agreement on the creation of a joint venture.

ABC.AZ reports that the main activity of new SOCAR-STP joint venture will be services & repairs works of heavy cranes, fountain valves, APS (Advanced Parts Solution), completion of wells, drilling equipment.

The agreement on joint venture SOCAR-STP was signed by STP’s CEO Emin Mammadov and SOCAR’s vice president for field development Yashar Latifov.

STP is part of company Azenco, engaged in the construction of facilities in the energy sector. The Park area is 250 hectares.

There are 14 enterprises and 18 production sites operating on the territory of STP.

The creation of the STP is aimed at implementing large infrastructure projects in the industrial sector of Azerbaijan.

SOCAR president Rovnag Abdullayev stated at the signing ceremony that the new enterprise creates conditions for symbiosis of engineering and machine-building spheres.