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News // Oil and gas worldwide

Joint venture created between British Cape plc and the State oil Company of Azerbaijan

02 July 2010 , 09:03Cape plc1914

 

Cape plc, the international provider of essential, non-mechanical industrial services principally to the energy and mineral resources sectors, has established a joint venture with the State Oil Company of Azerbaijan (SOCAR),the company reported in a news release. The SOCAR-Cape JV, owned 51 percent by SOCAR and 49 percent by Cape, will pursue opportunities associated with the future development of the oil and gas sector in Azerbaijan. The agreement was signed in Baku on 30 June 2010 by SOCAR President Rovnag Abdullayev and Cape's regional director for CIS, Mediterranean and North Africa, Guy Rackham.


Cape has been established in the central Asian Republic of Azerbaijan for over ten years, both directly and through its acquisition of PCH in 2007. The SOCAR-Cape JV will have the resources to meet the expected increased demand for Cape's specialist non-mechanical services including access and insulation. The Company believes there will be significant opportunities in the coming years arising from new projects, maintenance and shutdown activities relating to the continued development of the Azeri-Chirag-Guneshli oil project and Shah Deniz gas condensate development project.

 

The establishment of this joint venture is in line with SOCAR'S strategy of partnering with key contractors. Martin May, Chief Executive of Cape plc, commented, "We are delighted that SOCAR has chosen to enter into this joint venture with Cape. Azerbaijan is a key country for the growth of Cape's CIS business owing to its large oil and gas deposits and the significant investment in the region. A partnership with the State oil company provides Cape with high level access to major projects that will require our services." 

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