SOCAR and IBM announced on January 15, 2018, establishment of a joint venture called Caspian Innovation Center for the purpose of building and operating a competitive analytics and delivery center to provide IT, business transformation and business consulting services in Azerbaijan, the Caspian Region and other countries.
The SOCAR-IBM joint venture will offer its’ services to SOCAR and other companies in the region, in order to facilitate digital business transformation and boost the efficiency of production in the energy industry and across sectors.
Rovnag Abdullayev, CEO of SOCAR said, «Digital business transformation has become an essential element of successful management of industrial operations. SOCAR’s unique experience in Azerbaijan, the 1st country of industrial oil production, will be merged with IBM’s advanced cognitive intelligence and analytics capabilities. This synergy can potentially expand to play a role of regional hub, facilitating digital transformation across other industries. That would boost the job creation in high-skill, high-paid areas, effectively stretching our contribution to Azerbaijan’s human capital development beyond just oil&gas; industry.»
SOCAR is expected to gain dramatic efficiency and flexibility with the development of IT processes and operations to analyze more data faster than before, thus supporting intelligent ways of the exploration of oil and gas fields, while reducing the environmental footprint. The cooperation is expected to help IBM establish stronger presence not only in Azerbaijan but in the whole Caspian region and beyond.
«The establishment of the SOCAR-IBM joint venture will help to accelerate the digital transformation of the State Oil Company of the Azerbaijan Republic, while contributing to the development of the global energy industry,» said Erich Clementi, Senior Vice President, Global Markets, IBM.
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