The State Oil Company of Azerbaijan (SOCAR) and Russia's PJSC Tatneft are discussing the possibility of establishing a joint venture for the production of lubricants, General Director of SOCAR RUS Rufat Mahmud said.
"The parties have already signed two roadmaps. It's about trading in oil products and ideas for creating joint ventures in oil refining. Issues of production of lubricants are being discussed," Mahmud said.
The proposed lubricant production facility may be located either in Azerbaijan or in third countries, not in Russia.
"Here, the market is already quite saturated with local producers who successfully manufacture quality products," Mahmud said.
SOCAR is also exploring similar plans with the Russian company SIBUR. The SOCAR RUS General Director highlighted the importance of maintaining friendly relations and communication with competitors, noting that they have many joint initiatives, including digitalization of production and exchange of experience in the production of petrochemical products.
"Again, opportunities for joint entry into new markets are being considered," Mahmud said.
