Petrofac and SOCAR form joint venture
LONDON -- Petrofac’s Training Services business and the State Oil Company of the Republic of Azerbaijan (SOCAR) have signed a Shareholders Agreement to form a Joint Venture (JV) for the pursuit of training opportunities across the country’s oil & gas and petrochemical industries.
Under terms of the agreement, SOCAR’s stake in the JV has been determined at 51% and Petrofac’s at 49%. The Shareholders Agreement was signed by SOCAR’s president, Rovnag Abdullayev, and Petrofac’s global head of training services, engineering and production services, Karim Osseiran.
The JV will provide tested, contemporary training and educational services for the workers of Azerbaijan’s energy sector and those engaged in energy projects in other countries.
In recent years, SOCAR’s Training, Educational and Certification Department has organized training in accordance with standards of world renowned organizations, 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 nationalization initiatives and its experience of establishing and operating energy-related facilities, including training centers, will be fully utilized within the Joint Venture. SOCAR will realize its competitive advantage by having the opportunity to provide training and certification services to personnel of foreign companies, thus utilizing the commercial potential of training centers at its disposal.
