SOCAR, Egypt's EGPC agree on cooperation in oil production, energy trading
BAKU. April 1 (Interfax) - The Egyptian General Petroleum Corporation (EGPC) and the State Oil Company of the Azerbaijani Republic (SOCAR) have agreed on cooperation in the oil, gas and energy sectors, the Egyptian news agency Alnahar Egypt reported.
"As part of the 9th Egypt Energy Show (EGYPES 2026), EGPC signed a framework agreement with the Azerbaijani company SOCAR on cooperation in a number of strategic areas related to the oil, gas and energy industries in Cairo on Tuesday. The document was signed by Natig Mustafayev, the chief executive officer of SOCAR Trading (the trading subsidiary of the State Oil Company of the Azerbaijani Republic), and Salah Abdel Kerim, the executive director of EGPC," the agency said.
The agreement provides for cooperation in developing oil production processes and improving operational efficiency, as well as in enhancing transportation and storage systems to ensure the increased physical and commercial security of petroleum products, support for oil trading activities and the creation of a regional center for energy trading and storage.
Abdel Kerim welcomed this cooperation, emphasizing that it is being carried out in support of relations between Egypt and Azerbaijan and expands opportunities for integration in the energy sector.
This document will further facilitate the access of SOCAR's oil and gas products to the Egyptian market, he said.
"Egypt is a large and promising market. We are pleased with SOCAR's activities here and would like the company not to limit itself to oil supplies, but also to actively participate in exploration and production areas in Egypt," he said.
There is close cooperation between Azerbaijan and Egypt at the level of their heads of state and relevant institutions, and Cairo is interested in further deepening these ties in the oil and gas sector, Abdel Kerim said.
The framework agreement signed with EGPC covers liquefied natural gas supplies, oil and petroleum products, investments, and training and professional development programs, Mustafayev said in an interview with the Azerbaijani state news agency Azertag.
SOCAR Trading has been supplying liquefied natural gas (LNG) to Egypt for nine months, he said.
"The agreement, which is valid for two and a half years, provides for the expansion of energy cooperation between SOCAR and EGPC. SOCAR plans to further deepen cooperation with the Egyptian side. In this regard, opportunities for oil refining in Egypt, as well as the export of light Azerbaijani oil to Egypt, are being considered. The parties are considering the possibility of more effectively developing cooperation as part of the framework agreement signed today," he said.
