Contracts with a financial value of about 8 billion dollars signed within the framework of the Baku Energy Week - PHOTO

Within the framework of the Baku Energy Week and the 1st Azerbaijan-U.S. Economic Dialogue, a number of important documents covering the spheres of economy, energy, investment and technology were signed between Azerbaijan and the United States, as well as the Ministry of Economy and SOCAR.

As AZERTAC reports, the financial value of the signed contracts amounts to 7.5 billion dollars.

One of these documents is the framework document between Azerbaijan and the United States entitled “Ensuring Supplies in the Extraction and Processing of Critical Minerals and Rare Earth Elements.” The document was signed on the Azerbaijani side by Minister of Economy Mikayil Jabbarov and on the U.S. side by Assistant Secretary of State for Economic, Energy and Business Affairs Caleb Orr.

In addition, an agreement on the long-term sale to the Turkish market of part of the natural gas to be produced under the full-scale development of the Absheron gas-condensate field — 50 percent of production (30 billion cubic meters) for a period of 15 years — was signed between SOCAR, TotalEnergies, XRG and BOTAŞ. The document was signed by SOCAR President Rovshan Najaf, TotalEnergies Senior Vice President for Exploration and Production in the Europe Region Martina Opizzi, XRG President for International Gas Mohammed Al-Aryani and BOTAŞ Director and Chairman of the Board Abdulvahit Fidan.

Other signed documents relate to the Nish TPP project. A document on the main terms of the shareholders’ agreement of the joint venture for the construction of a gas power plant in the Serbian city of Nish and the main commercial elements of the project was signed between SOCAR and Elektroprivreda Srbije (EPS). The document was signed by SOCAR President Rovshan Najaf and EPS General Director Dusan Zivkovic.

A Memorandum of Understanding was also signed between SOCAR and Shell defining the basic principles of potential cooperation in various areas of the energy sector. The document covers such areas as increasing efficiency at existing production assets, exploration and development of new fields, participation in Downstream and LNG projects, use of artificial intelligence, as well as development of technologies, knowledge and human capital. The document was signed by SOCAR President Rovshan Najaf and Shell Executive Vice President for Mergers and Acquisitions, Divestments and New Business Development Walid Hadi.

In addition, an agreement providing for the sale of gas to San Marino was signed between SOCAR and AASS. According to the agreement, gas supplies will begin in October this year. The document was signed on behalf of SOCAR by Rovshan Najaf and on behalf of AASS by General Manager Marcello Forcellini.

A Memorandum of Understanding on studying potential cooperation and investment opportunities at existing and new gas fields, as well as in infrastructure projects serving these fields, was signed between SOCAR and the American company Comstock Resources. The document was signed by SOCAR President Rovshan Najaf and Comstock Resources Vice President for Finance and Investor Relations Ron Mills.

In addition, a Memorandum of Understanding on expanding long-term cooperation in financing strategic projects and increasing SOCAR’s access to long-term capital was signed between SOCAR and JP Morgan. The document was signed by SOCAR President Rovshan Najaf and JP Morgan Vice President for Lending and Structured Loans in the Central and Eastern Europe, Middle East and Africa region Martynas Saltenis.

A Joint Study Agreement was signed between SOCAR and Chevron to conduct a joint technical study to assess the oil and gas potential of the Azerbaijani sector of the Middle Caspian Basin. The document was signed on behalf of SOCAR by Rovshan Najaf and on behalf of Chevron by Executive Director for Eurasia Derek Magness.

An agreement on investment support for the TANAP project was signed between SOCAR and Apollo Global Management. The document reflects strategic financial cooperation on the TANAP project: Apollo acquires minority and non-controlling stakes in the holding company that owns SOCAR Turkey’s 7-percent stake in TANAP. The document was signed on behalf of SOCAR by President Rovshan Najaf and on behalf of Apollo Global Management by Managing Director Jonathan Barr.

A Memorandum of Understanding on expanding cooperation in the field of energy financing was also signed between SOCAR and Apollo Capital Management. The document provides for increasing existing financing for TANAP to 300 million dollars and studying financing mechanisms for other assets of the SOCAR Group. The parties were represented by SOCAR President Rovshan Najaf and Apollo Capital Management Managing Director Jonathan Barr.

A Memorandum of Understanding on cooperation within the framework of the Washington Hub platform was also signed between SOCAR and George Washington University (GWU). The document notes the identification of areas of mutual interest within the Washington Hub platform and the coordination of basic principles for the implementation of joint projects. The document was signed by SOCAR President Rovshan Najaf and GWU Deputy Dean for Global Initiatives Sevinj Mammadova.

An Agreement on Cooperation in the Development of Cloud Infrastructure for Artificial Intelligence was signed between SOCAR and Haimaker.ai. The document was signed by SOCAR President Rovshan Najaf and Haimaker.ai Chief Executive Officer and Co-Founder Su Le.

Then a protocol of the 1st Azerbaijan-U.S. Economic Dialogue was signed between Azerbaijan and the United States. The protocol reflects the results of the meeting. The document was signed on behalf of Azerbaijan by Minister of Economy Mikayil Jabbarov and on behalf of the United States by Caleb Orr.

A Memorandum of Understanding was signed between the Ministry of Economy and Oracle to define the framework of cooperation. The document was signed on behalf of the Ministry of Economy by Deputy Minister Samad Bashirli and on behalf of Oracle by Senior Vice President Jason Ries.

At the same time, a Strategic Cooperation Agreement was signed between SOCAR and Lummus Technology. The agreement covers defining the framework of cooperation in the fields of oil refining and petrochemicals, development of technological infrastructure, performance of engineering works and potential licensing processes, including obtaining licenses under the Petkim Master Plan project. The document was signed on behalf of SOCAR by President Rovshan Najaf and on behalf of Lummus Technology by Vice President and General Manager for the Middle East and North Africa (MENA) Region Fadi Mhaini.

It should be noted that the signed documents (investment value of 7.5 billion dollars) demonstrate the transition of Azerbaijan-U.S. economic cooperation to a new stage in the spheres of energy, investment, innovation and management of strategic resources.