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Petrofac forms joint venture with SOCAR

Dec 06, 2017
2 min read
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Sharjah-based Petrofac has signed an agreement to form a Joint Venture with Azerbaijan's national oil company SOCAR for the pursuit of training opportunities across the country’s oil & gas and petrochemical industries.

Under the deal, SOCAR will hold a 51 per cent stake and Petrofac will have the remaining 49 per cent. The Shareholders Agreement was signed by SOCAR’s President, Rovnag Abdullayev, and Petrofac’s Global Head of Training Services, Engineering and Production Services, Karim Osseiran.

The Joint Venture will provide tested, contemporary training and educational services for the workers of Azerbaijan’s energy sector and those engaged in energy projects in other countries.

Karim Osseiran, Global Head of Training Services, Petrofac Engineering and Production Services, said: “We are delighted SOCAR has chosen to partner with us. Through our Joint Venture we are combining our industry credentials, local knowledge and depth of capabilities. This will enable us to deliver a step-change in workforce training and competence assurance in support of SOCAR’s nationalisation agenda.”

SOCAR’s Vice President Khalik Mammadov added: "This is the next step in transforming oil capital into human capital. We believe establishing a partnership with Petrofac, renowned for the provision of training and development services globally, will be successful for SOCAR and of benefit to the oil and gas industry in Azerbaijan. SOCAR Petrofac will foster a sustainable approach to meeting the demand of the technical workforce in Azerbaijan and the wider region, through supporting local content and nationalisation goals.” 

SOCAR is focused on driving nationalisation initiatives and its experience of establishing and operating energy-related facilities, including training centres, will be fully utilised within the Joint Venture. SOCAR will realise its competitive advantage by having the opportunity to provide training and certification services to personnel of foreign companies, thus utilising the commercial potential of training centres at its disposal.