Petrofac & SOCAR Form Joint Venture

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

Joint Venture will provide excellent training and educational services based on contemporary programmes to employees working on international energy projects. On 5th December, Petrofac and the State Oil Company of the Republic of Azerbaijan (SOCAR) signed a Shareholders Agreement at SOCAR Tower establishing a joint venture for the utilisation of commercial opportunities more efficiently in training and educational areas of country’s oil&gas;, petrochemical industries.

Under the Agreement, SOCAR’s stake has been determined at 51% and Petrofac’s at 49%). The Shareholders Agreement was signed by SOCAR’s President Rovnag Abdullayev and Petrofac’s head of International Engineering and Production Training Services, Karim Osseiran.

The aim of both companies in creation of the joint venture is to use the resources in supporting the knowledge and skills of oil workers. New Joint Venture will provide tested, more advanced and modern training and educational services for the workers of Azerbaijan’s energy sector and those engaged in energy projects of other countries.

It should be noted that in recent years, SOCAR’s Training Educational and Certification Department organized trainings in accordance with standards of world renowned organisations, such as OPITO, IOSH etc. In addition to installation of high quality equipment necessary for carrying out trainings, the range of trainings offered by SOCAR in recent years is ever increasing.

Petrofac will contribute to the activities of the joint venture with 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 additional opportunities for the development of knowledge, skills and capabilities of staff operating in HSSE, engineering, construction, operations, maintenance and drilling spheres.

In organizing the trainings, the facilities of SOCAR’s Training Educational and Certification Department will be used. 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 centers at its disposal. Petrofac in its turn will be able to establish a more sustainable and efficient business in Azerbaijan through the joint venture.

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 SOCAR’s nationalisation agenda.”

Speaking at the ceremony, SOCAR’s Vice President Khalik Mammadov stated: This is the next step in transforming oil capital into human capital. We believe establishing a partnership with Petrofac, world known for the provision of training and development services, 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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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