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Petrofac and SOCAR Form Joint Venture

Source: www.gulfoilandgas.com 12/5/2017, Location: Asia

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Petrofacís Training Services business and the State Oil Company of the Republic of Azerbaijan (SOCAR) have signed a Shareholders Agreement to form a Joint Venture for the pursuit of training opportunities across the countryís oil & gas and petrochemical industries.

Under the Agreement, SOCARís stake in the Joint Venture has been determined at 51% and Petrofacís at 49%. The Shareholders Agreement was signed by SOCARís President, Rovnag Abdullayev, and Petrofacís 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 Azerbaijanís energy sector and those engaged in energy projects in other countries.

In recent years, SOCARís Training, Educational and Certification Department has organised training in accordance with standards of world renowned organisations, such as OPITO and IOSH. In addition to installation of high quality equipment necessary for carrying out this training, the range of skills development offered by SOCAR has increased.

Petrofac brings its extensive experience of designing, building and operating unique training facilities which combine immersive technical training techniques and digital technology. In order to improve the links between academic education and production, the company will also provide capability to develop and assure competence across the HSSE, engineering, construction, operations, maintenance and drilling disciplines.

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.

Karim Osseiran, Global Head of Training Services, Petrofac Engineering and Production Services, speaking at the signing ceremony 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 SOCARís nationalisation agenda.'

Speaking at the ceremony, SOCARís Vice President Khalik Mammadov stated: '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.'

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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