ECONOMY


SOCAR PRESIDENT MEETS WITH VICE-PRESIDENT OF CONOCO PHILLIPS

President of teh State Oil Company of Azerbaijan Republic (SOCAR) Rovnag Abdullayev met November 29 with William Barry, executive vice-president for exploration and production in Europe, Asia, Africa and Near East of Conoco Phillips, US energy giant.

SOCAR vice-president Khoshbakht Yusifzadeh, Elshad Nasirov, head of the investment department Vagif Aliyev as well as Conoco Phillips manager for exploration and business development Steve Park were present at the meeting. W. Barry told of the projects the company has implemented in Azerbaijan. According to him, Conoco Phillips has to date invested $250 million in Azerbaijan.

W. Barry expressed his satisfaction with the cooperation with SOCAR, stressing a need for discussions to develop relationship.

SOCAR President Rovnag Abdullayev said Conoco Phillips is well-known in Azerbaijan. According to him, SOCAR expects concrete proposals from Conoco Phillips to expand cooperation.

Conoco Phillips vice-president W. Barry invited R. Abdullayev to visit the United States to become familiar with the American company’s operations.

The sides also discussed the Conoco Phillips-implemented Babek-Umid project.

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