"Dragon Oil" Signing a memorandum of understanding with the Azerbaijani “SOCAR” to enhance joint cooperation
ABU DHABI, 3rd November, 2020 (WAM) – Dragon Oil, a subsidiary of the Emirates National Oil Group (ENOC), announced the signing of a memorandum of understanding with the National Oil Company of the Republic of Azerbaijan (SOCAR) and its trading arm (SOCAR Trading), with the aim of enhancing joint cooperation in the fields of exploration, production, development and marketing, in addition to examining opportunities to launch future joint projects in the oil and gas sector, during the activities of the Abu Dhabi International Petroleum Conference and Exhibition (ADIPEC 2025).
His Excellency Saeed Mohammed Al Tayer, Chairman of the Board of Directors of ENOC and Dragon Oil Group, witnessed the signing ceremony of the memorandum in the company’s pavilion at the exhibition, where it was signed on behalf of Dragon Oil by Abdul Karim Ahmed Al Mazmi, CEO of the company, and on behalf of the National Oil Company of the Republic of Azerbaijan by Roshan Najaf, Chairman of the company for SOCAR Trading, in the presence of members of the Board of Directors of Dragon Oil, Hussein Sultan Lootah, Acting CEO of ENOC Group, and a number of Senior executives from both sides.
His Excellency Saeed Mohammed Al Tayer said: “This cooperation constitutes a translation of the vision of the wise leadership to strengthen international partnerships and open new horizons for economic cooperation in various sectors, in a way that supports sustainable development and the well-being of peoples.”
His Excellency added that the relations between the United Arab Emirates and the friendly Republic of Azerbaijan are a distinguished model in economic and investment cooperation, especially in the fields of oil, gas, and new and renewable energy. Dragon Oil is keen to strengthen its cooperation with the leading national companies in the region, including Turkmenistan, Azerbaijan, and the countries of the Caspian Basin, because of the strategic importance this region represents in the global energy system due to its great potential in the fields of production, export, and infrastructure. Through this cooperation, we seek to build… New partnerships enhance the sustainability of the energy sector and support economic diversification plans for both sides.”
For his part, Abdul Karim Ahmed Al Mazmi, CEO of Dragon Oil, said: “The memorandum of understanding with SOCAR reflects our shared vision towards developing qualitative projects in the fields of exploration, production and marketing, and searching for new cooperation opportunities in the Caspian Sea region, which is considered one of the most promising regions in the oil and gas sector.”
He pointed out that: “SOCAR is one of the leading companies in the region, with deep experience spanning decades, and cooperation with it constitutes a strategic addition that enhances Dragon Oil’s regional presence and supports the company’s sustainable growth path.”
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