Russian oil company Tatneft, in collaboration with the State Oil Company of Azerbaijan (SOCAR), is set to undertake the development of Azerbaijan's Bibi-Eybat field.
Tatneft's CEO Nail Maganov highlighted the strategic partnership aimed at leveraging existing technologies to enhance production in this historic field.
He also noted ongoing joint ventures between Tatarstan and Azerbaijani companies, including a joint effort in Türkiye to modernize an oil refinery.
The Bibi-Eybat field, operational for over a century since 1871, holds significant historical and strategic importance in Azerbaijan's oil industry.
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