The state oil company of the Republic of Azerbaijan (SOCAR) intends to enter the retail fuel market of Uzbekistan and invest in creating a network of gas stations.
This was announced by Mikayil Jabbarov, Minister of Economy of Azerbaijan and Chairman of the Supervisory Board of SOCAR, at the IV Interregional Forum of Azerbaijan and Uzbekistan held in Tashkent, according to a news agency.
Jabbarov specified that SOCAR is already involved in the development of the Ustyurt field in Uzbekistan together with the Uzbek company Uzbekneftegaz JSC and the British energy company BP.
The Minister stated that the company's entry into the retail market of Uzbekistan, accompanied by subsequent investments in building a network of gas stations, will be officially announced. He emphasized that SOCAR will contribute to strengthening Uzbekistan's energy security.
The planned investments will allow the company to expand its presence in Uzbekistan, moving beyond the development of the aforementioned fields and engaging in the retail fuel trade segment.
Furthermore, plans for cooperation with another Azerbaijani company, Azergold, were presented at the forum. Azergold intends to work with Uzbek partners in the fields of geological exploration and mineral extraction in various regions of Uzbekistan.