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Halliburton and SOCAR-AQS to provide oilfield products and services in Azerbaijan

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Oilfield Technology,

SOCAR-AQS and Halliburton Company have signed a Memorandum of Understanding (MOU) to form a new joint venture (JV) to provide a broad suite of oilfield products and services in Azerbaijan.

The JV will be based in Baku, Azerbaijan, and will focus its business development and operations both on onshore and offshore Azerbaijan.

AQS and Halliburton expect to finalise the JV and begin operations in 2Q20 subject to the agreement and finalisation of terms and conditions.

“Combining our unrivalled knowledge, experience and infrastructure in Azerbaijan with Halliburton’s strength as a global leader in oilfield services, creates a strategic platform for our businesses to work together and grow operations in Azerbaijan,” said Ramin Isayev, CEO of SOCAR-AQS.

“By aligning with SOCAR-AQS, we believe the planned joint venture will be uniquely positioned to bring world-class offerings to meet the region’s growing demands in oilfield products and services,” said Ahmed Kenawi, senior vice president of the Halliburton Europe, Eurasia & Sub-Saharan Africa Region. “Additionally, our collaboration supports the country’s strategy of localising high-end technological services.”

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