Engineering and construction firm Foster Wheeler has announced the signature of a memorandum of understanding with Azerbaijan's state backed oil & gas company SOCAR for the construction of an oil and gas processing and petrochemical complex.
Under the joint venture (JV) agreement, SOCAR plans to build an oil and gas processing and petrochemical complex in Garadag, Republic of Azerbaijan, Foster Wheeler said in a company statement.
The new jointly-owned company will be based in Baku, Azerbaijan, and focus on providing process, engineering, procurement, construction supervision and project management services associated with the development of the new oil, gas processing and petrochemical complex.
As part of the deal, Foster Wheeler will train Azerbaijani specialists from it's operations centre in Italy.
Commenting on the deal, Foster Wheeler interim chief executive, Umberto della Salla, said: “Foster Wheeler will bring to the new joint company its worldwide organization resources, technical expertise and international project execution capability on all of Socar's key business areas."
SOCAR president Rovnag Abdullayev stated the JV that establishment of a joint venture with Foster Wheeler sets a goal of achieving success in planning and implementing projects in the area of hydrocarbon material processing.
"We consider Foster Wheeler one of the most respected companies in the world and we very much look forward to the formation of this new joint-venture company," added Rovnag Abdullayev, President, SOCAR. "We are confident that Foster Wheeler will be able to inject into the new entity its proven know-how and its recognized capability to deliver successful projects."