Azerbaijan’s State Oil Company (SOCAR) and Belarus’s State Concern for Oil and Chemistry have signed a memorandum of understanding.
The memorandum envisages the expansion of possibilities in the oil and oil products production and sales sectors.
The document was signed by SOCAR’s president Rovnag Abdullayev and Belneftekhim’s chairman Andrey Rybakov.
According to the memorandum, the main areas of cooperation are the development of bilateral relations in the organization of Azerbaijani oil supplies to Belarus and intensify the dialogue between producers and consumers of hydrocarbon resources. In addition, another area of cooperation is carrying out technical audits to improve operational efficiency at Belarusian refineries.
The document also covers sales of oil products produced in Belarus, joint investment projects and partnership relations on sales of oil products by SOCAR in the Belarusian market.
It should be noted that SOCAR delivered to Belneftekhim about 1 million tons of oil in 2020, including about 720,000 tons of Azerbaijani oil.
Oil transports from Azerbaijan to Belarus via the Odessa-Brody pipeline started in 2011.
Earlier, it was reported that SOCAR Trading signed a contract with the Belarusian side for the delivery of approximately 1 million tons of oil in 2021.
It should be noted that Belarus is Azerbaijan’s third-largest trade partner among the CIS countries, with trade amounting to $313.1 million in 2020. Of total turnover, the country’s export to Belarus amounted to $164.9 million, while imports from Belarus to Azerbaijan reached $148.2 million.
SOCAR is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan. The company owns two refineries in Azerbaijan, one in Turkey, as well as networks of petrol stations in Azerbaijan, Turkey, Georgia, Romania and Switzerland.