The State Oil Company of Azerbaijan (SOCAR) and Russia's PJSC Tatneft are in talks about forming a joint venture to produce lubricants.

Source: Report.AZ

Report, citing Rufat Mahmud, General Director of SOCAR RUS (a SOCAR subsidiary), reveals that SOCAR and Tatneft have a close working relationship.

Interestingly, the proposed lubricant production facility could be situated in Azerbaijan or in other countries.

Definitely not in Russia. Here, the market is already quite saturated with local producers who successfully manufacture quality products

Additionally, SOCAR is considering similar initiatives with the Russian company SIBUR. Mahmud emphasized the significance of maintaining amicable ties and communication with competitors, expressing the importance of collaboration.

We have a lot to learn, and we have many joint initiatives, so to speak. This includes digitalization of production and exchange of experience in the production of petrochemical products. Again, opportunities for joint entry into new markets are being considered.

In November 2023 and May 2024, SOCAR and PJSC Tatneft agreed on cooperation roadmaps covering various areas such as oil production, refining, sales of oil and petrochemical products, knowledge sharing, human resource development, and more.