ECONOMY


Russia’s LUKOIL set to expand presence in Azerbaijan

Baku, March 19, AZERTAC

Russian company LUKOIL has expressed keenness to expand its presence in Azerbaijan as its president Vagit Alekperov met with President of the State Oil Company of Azerbaijan Republic (SOCAR) Rovnag Abdullayev.

They hailed long-term relationship between LUKOIL and SOCAR, and LUKOIL's active involvement in projects implemented in Azerbaijan.

Alekperov described relationship between the two companies as strategic and praised the Azerbaijani government’s efforts to create favorable conditions for foreign investors.

LUKOIL has been successfully operating in Azerbaijan since 1994. The company owns a 10 percent share in Shah Deniz and South Caucasus Pipeline (SCP) projects.

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