Foster Wheeler SOCAR form joint venture in Azerbaijan

Foster Wheeler and SOCAR form a joint venture in Azerbaijan

3:01 PM, 15th July 2011
Foster Wheeler and SOCAR form a joint venture in Azerbaijan
Rovnag Abdullayev, President, SOCAR.

ZUG, SWITZERLAND: Foster Wheeler AG’s subsidiary of its Global Engineering and Construction Group has signed a Memorandum of Understanding (MoU) to form a joint venture company with The State Oil Company of Azerbaijan Republic (SOCAR). The new company will be headquartered in Baku.

The new jointly-owned company will focus on providing process, engineering, procurement, construction supervision and project management services associated with the development of the new oil, gas processing and petrochemical complex.

The new entity will provide the same services for upstream, midstream and downstream oil and gas projects developed by SOCAR both in Azerbaijan and in other countries.

“Foster Wheeler and SOCAR already have a strong working relationship. This MoU signals our commitment to Azerbaijan. 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,” said Umberto della Sala, Interim CEO, Foster Wheeler AG.

“We look forward to the formation of this new joint-venture company. 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,” said Rovnag Abdullayev, President, SOCAR.

© WOC News

 

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