SAFEEN Group and SOCAR sign strategic MoU to collaborate on maritime and shipping sector in Azerbaijan

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SAFEEN Group, part of AD Ports Group (ADX: ADPORTS), the facilitator of global trade, logistics, and industry, has inked a Memorandum of Understanding (MoU) with the State Oil Company of Azerbaijan Republic (SOCAR) to collaborate on a number of areas across Azerbaijan’s maritime and shipping sectors.

Azerbaijan, positioned strategically at a crossroads between Georgia, Kazakhstan, and Turkiye, could serve as a pivotal development area for SAFEEN Group, connecting Central Asia to global markets.

SOCAR, a fully state-owned national oil and gas giant, produces oil and natural gas in the Azerbaijani sector of the Caspian Sea. While engaging in the transportation and marketing of oil, gas, and petroleum products, they also play a crucial role in the economic development of Azerbaijan.

Under the terms of the agreement, both parties aim to leverage their respective strengths and vast experience to deliver a broad range of maritime and logistics services to elevate the Maritime landscape in Azerbaijan and support key economic and strategic projects for both parties. This includes shipping of crude and petroleum products, infrastructure development, and other cargo transportation. The intention is to also support the modernisation of onshore and offshore logistics, with a key focus on wind projects, advancing Azerbaijan’s renewable energy goals.

Captain Ammar Al Shaiba, CEO - Maritime Cluster and SAFEEN Group, AD Ports Group, said: "This MoU with SOCAR opens new avenues for prospective multifaceted synergies in the maritime and shipping sector. Azerbaijan's strategic location and SOCAR's expertise would ensure a dynamic platform for elevating maritime services, infrastructure, and logistics in the region. Furthermore, it would enable the facilitation of the further development of trade corridors in this geographically significant area."

Afgan Isayev, Vice President of SOCAR, remarked: "Collaborating with SAFEEN Group offers the potential to amplify Azerbaijan's maritime capabilities. We anticipate this partnership will drive our country’s maritime growth and accelerate offshore and onshore wind projects.

We look forward to harnessing our combined strengths, unlocking the Caspian Sea’s full potential as a crucial link in the global energy supply chain."

This MoU follows AD Ports Group and its subsidiaries’ recent ventures in the Central Asian region, driven by their strategic priority to increase the efficient transportation of energy resources to global markets, while connecting diverse regions and stimulating economic growth.

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