Kudratov: Baku, Tashkent discussing joint investments in oil refining – EXCLUSIVE

Azerbaijan and Uzbekistan are discussing the model and terms for mutual investments in new oil refining capacities in both countries, Minister of Investment, Industry, and Trade of Uzbekistan Laziz Kudratov told Report.

According to him, teams from both countries are currently working on the conditions for implementing the relevant projects.

"Teams are currently working on the model and terms of these projects. They will open up tremendous opportunities for ensuring the energy security of both nations. Therefore, we are very optimistic, and negotiations are actively underway," Kudratov said.

He expressed hope that the parties would agree on specific project models and terms in the near future.

Kudratov also announced the expansion of SOCAR's presence in the Uzbek market. According to him, the first five locations for opening the company's gas stations have been identified: Tashkent, Tashkent Region, Samarkand, Namangan, and Jizzakh.

"Just a week ago, they were looking at additional locations. We are open, the market is large, and demand is immense, so we are ready to create all conditions for them to enter our retail market," the minister noted.

He specified that both the construction of new gas stations and the modernization and rebranding of existing ones are being considered.

Kudratov also highlighted the development of cooperation in the building materials sector. According to him, projects in Uzbekistan implemented with Azerbaijani investments have already been completed, and the second phase has begun.

"Currently, we are also discussing new projects in Azerbaijan with our Azerbaijani colleagues. Alongside building materials, these include development and construction projects in Azerbaijan," he said.

Speaking about the Middle Corridor, the minister reported that over the past few years, freight traffic along this route between the two countries has more than doubled.

"This year, the positive dynamics continue. We are establishing a joint venture to carry out cargo transport across the Caspian Sea," Kudratov added.