Azernews.Az

By Sara Israfilbayova

Japan expects to receive further advantage in intelligence activity in Azerbaijan. Partnership with SOCAR also provides for joint development of technologies.

On perspective oil and gas blocks in Azerbaijan, seismic and geological studies will be conducted jointly by the Japan Oil, Gas and Metals National Corporation (JOGMEC) and the State Oil Company of Azerbaijan (SOCAR).

This cooperation is envisaged by the Memorandum of Cooperation, which the parties plan to sign on May 29 in the framework of the international exhibition Caspian Oil & Gas, which opens in Baku. By signing this memorandum, Japan expects to receive preferential rights for exploration in Azerbaijan. The document also provides for joint development of technologies.

Earlier it was reported that SOCAR within the framework of Caspian Oil & Gas will conclude two memorandums with foreign companies.

The 25th International Caspian Oil & Gas Exhibition and Conference and 8th Caspian International Caspian Power-2018 Exhibition will be held on May 29- June 1 in Baku.

This year, 312 companies from 38 countries of the world will take part in the Caspian Oil & Gas exhibition.

Over the 25 years of its successful operation, this first trade event in Azerbaijan has become the main industry forum. Every year Caspian Oil and Gas gathers leading experts and leaders of the oil industry to demonstrate advanced technologies of oil and gas production and processing, transportation, logistics, and services.

The participation of the President of the Republic of Azerbaijan Ilham Aliyev in the exhibition’s opening ceremony testifies to its high status. The Ministry of Energy of the Republic of Azerbaijan and the State Oil Company of the Republic of Azerbaijan (SOCAR) both show invaluable support for Caspian Oil & Gas. The exhibitions and conference are organized by Iteca Caspian and its partner ITE Group.

As is the tradition, 40 percent of the exhibition area at Caspian Oil & Gas is occupied by world-famous companies that are its permanent participants of the event. Among them are SOCAR, BP, Total, Statoil, Petkim and many others. The regular exhibitors include the national stands of Russia and Italy. This year the exhibition will be attended by companies from Azerbaijan, Canada, China, Great Britain, Germany, Georgia, France, Iran, Italy, Kazakhstan, Malaysia, Russia, Spain, Turkey, Ukraine, Uzbekistan, and many others. The companies will present a wide range of equipment, services, innovative technologies for oil production and transporting energy resources, storage systems for oil and gas, platforms and floating drilling rigs, pipe laying and pipe security systems, and services.

Diplomatic relations between Azerbaijan and Japan were established in 1992. A number of important projects are being implemented in Azerbaijan through the financial support of Japan, while very important infrastructure projects had already been commissioned in the country through Japanese government`s loans.

Japan was one of the first countries to support Azerbaijan's forward-looking oil strategy. Today two major Japanese companies Itochu and Impex are involved in the Contract of the Century [signed on September 20, 1994 in Baku, a large-scale international contract on the joint development of three oil fields - Azeri, Chirag, Gunashli in the Azerbaijani Sector of the Caspian Sea].

Moreover, the Japan International Cooperation Agency (JICA) has financed four loan projects in the country in the amount of $900 million in the sectors of energy, water supply and sewerage, since the beginning of its cooperation with Azerbaijan.

JICA has allocated $64 million for grant projects in the sectors of agriculture, health, energy, irrigation and road administration.

Leaders of Japanese business, Mitsubishi, Mitsui, Marubeni, and Sojits are involved in energy and infrastructure projects in the country.

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Sara Israfilbayova is AzerNews’ staff journalist, follow her on Twitter: @Sara_999Is

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