Petrofac’s Training Services business and the State Oil Company of the Republic of Azerbaijan (Socar) on Tuesday signed a shareholders agreement to form a joint venture for the pursuit of training opportunities across the country’s oil & gas and petrochemical industries.
Under the agreement, Socar’s stake in the joint venture has been determined at 51% and Petrofac’s at 49%, Petrofac informed on Tuesday. The shareholders agreement was signed by Socar’s President, Rovnag Abdullayev, and Petrofac’s Global Head of Training Services, Engineering and Production Services, Karim Osseiran.
The joint venture will provide tested, contemporary training and educational services for the workers of Azerbaijan’s energy sector and those engaged in energy projects in other countries.
In recent years, Socar’s Training, Educational and Certification Department has organized training in accordance with standards of organizations such as OPITO and IOSH. In addition to installation of equipment necessary for carrying out this training, the range of skills development offered by Socar has increased.
Petrofac brings its experience of designing, building and operating training facilities which combine immersive technical training techniques and digital technology. In order to improve the links between academic education and production, the company will also provide capability to develop and assure competence across the HSSE, engineering, construction, operations, maintenance and drilling disciplines.
Socar is focused on driving nationalization initiatives and its experience of establishing and operating energy-related facilities, including training centers, will be fully utilized within the joint venture. Socar will realize its competitive advantage by having the opportunity to provide training and certification services to personnel of foreign companies, thus utilizing the commercial potential of training centers at its disposal.
speaking at the signing ceremony, Karim Osseiran said: “Through our joint venture we are combining our industry credentials, local knowledge and depth of capabilities. This will enable us to deliver a step-change in workforce training and competence assurance in support of Socar’s nationalization agenda.”
Socar’s Vice President Khalik Mammadov stated: This is the next step in transforming oil capital into human capital. We believe establishing a partnership with Petrofac, renowned for the provision of training and development services globally, will be successful for Socar and of benefit to the oil and gas industry in Azerbaijan. Socar Petrofac will foster a sustainable approach to meeting the demand of the technical workforce in Azerbaijan and the wider region, through supporting local content and nationalization goals.”