SOCAR says looks at stakes in Egypt oil refineries

Azeri state energy firm SOCAR is interested in buying stakes in refineries in Egypt and in participation in the African country’s oil refining sector, SOCAR’s president said on Tuesday.

“We would like to widen our activities in Egypt, particularly to buy stakes in refineries there and participate in Egypt’s oil refining,” Rovnag Abdullayev told reporters.

Abdullayev made his comments a day after his return from Egypt, where he was discussing cooperation in energy sector.

Azerbaijan is exporting about one million tonnes of oil and refined products per year to Egypt.

Source: Reuters