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News // Companies

Petrofac and SOCAR form joint venture

05 December 2017 , 16:12Neftegaz.RU707

Petrofac’s Training Services business and Azerbaijan´s SOCAR on December 5, 2017, signed a Shareholders Agreement to form a Joint Venture for the pursuit of training opportunities across the country’s oil & gas and petrochemical industries.


Under the Agreement, SOCAR’s stake in the Joint Venture has been determined at 51% and Petrofac’s at 49%.

The Shareholders Agreement was signed by SOCAR’s CEO, Rovnag Abdullayev, and Petrofac’s Global Head of Training Services, Engineering and Production Services, Karim Osseiran.


The Joint Venture will provide tested, contemporary training and educational services for the workers of Azerbaijan’s energy sector and those engaged in energy projects in other countries.


SOCAR is focused on driving nationalisation initiatives and its experience of establishing and operating energy-related facilities, including training centres, will be fully utilised within the Joint Venture.


Karim Osseiran, Global Head of Training Services, Petrofac, said: «We are delighted SOCAR has chosen to partner with us. Through our Joint Venture we are combining our industry credentials, local knowledge and depth of capabilities. This will enable us to deliver a step-change in workforce training and competence assurance in support of SOCAR’s nationalisation agenda.»


SOCAR’s Vice President Khalik Mammadov stated: «This is the next step in transforming oil capital into human capital. We believe establishing a partnership with Petrofac, renowned for the provision of training and development services globally, will be successful for SOCAR and of benefit to the oil and gas industry in Azerbaijan. SOCAR Petrofac will foster a sustainable approach to meeting the demand of the technical workforce in Azerbaijan and the wider region, through supporting local content and nationalisation goals.»


To read the news in Russian.


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