Baku, February 20, AZERTAC

SOCAR AQS and Bangladesh Petroleum Exploration & Production Company (BAPEX) have signed a Memorandum of Understanding on cooperation in the new oil and gas projects of the People's Republic of Bangladesh.

The document was signed by the Deputy Director of SOCAR AQS Eldar Yaradanguliyev and Bapex Managing Director Naushad Islam.

The signing ceremony was held as part of the visit of a Bangladeshi delegation led by Mohammad Shahidul Haque, Senior Secretary of Legislative and Parliamentary Affairs Division and Nazimuddin Chowdhury, Secretary of Energy and Mineral Resources Division, who met with Ramin Isayev, SOCAR AQS Director General.

Addressing the signing ceremony, Chowdhury said: “There is a promising outlook for energy cooperation between the two countries. Today's signing ceremony will give a special impetus to the development and deepening of cooperation between the two companies and two countries.”

“Rich experience of Azerbaijani oil workers has always been the best school for our region's oil industry workers. The innovative image of SOCAR AQS in the national drilling industry and the projects pioneered by the company, have played an important role in realisation of this cooperation. I am assured that we will continue to cooperate with SOCAR AQŞ on other projects as well,” Bapex Managing Director Naushad Islam said in his remarks.

''In accordance with the export oriented policy of our country, SOCAR AQS participated and won the international tender in the field of drilling services, announced by BAPEX, said Director General of SOCAR AQS Ramin Isayev as he addressed the ceremony.

“We are proud to participate in the development of oil and gas fields in the People's Republic of Bangladesh, where economy grows about 7% per year, and we look forward to expand our cooperation”, he added.

SOCAR AQS won the international tender announced by BAPEX and will drill two explorations and one appraisal well in Bangladesh.

After winning the international tender previously announced by BAPEX, SOCAR AQS will conduct the drilling and construction of the onshore wells: Semutang Dakkhin 1, Begumganj 4, and Modarganj 1. Two wells will be drilled for exploration and one well for appraisal purposes.

SOCAR AQS LLC is an integrated drilling and well services management company established between SOCAR and Absheron Drilling Company (AQS) in 2007. The core business of the company is to provide a complete package of wells by providing modern techniques and technologies.