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Azerbaijan's SOCAR plans to invest in the extraction of battery metals in Ukraine

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SOCAR AQS is considering the possibility of investing in Ukrainian subsoil, said the State Service of Geology and Subsoil.

Azerbaijan's SOCAR plans to invest in the extraction of battery metals in Ukraine

In Kiev, at the initiative of SOCAR AQS, a working meeting of the Chairman of the State Service of Geology and Subsoil of Ukraine Roman Opimakh with representatives of an Azerbaijani service company on cooperation with Ukraine in the field of subsoil use was held.

The Chairman of the State Geological Survey told foreign partners about existing proposals regarding the development of deposits of hydrocarbons, lithium, titanium, nickel, cobalt, etc. Roman Opimakh also informed the meeting participants about the conditions for familiarizing themselves with geological information and about possible ways to implement business projects.

“Gosgeosluzhba has created an Investment Atlas of a Subsoil User, which contains vacant subsoil areas with deposits of strategic and critical minerals. Also prepared a virtual data-room for secondary geological information. The database contains descriptive information about subsoil use objects, about land plots within the boundaries of deposits, as well as geological reports. Access to the data-room is free, - explained Roman Opimakh. - Gosgeonedra regularly announces electronic auctions, where subsoil plots that are of interest to subsoil users for acquisition are put up.

The head of the State Geological Survey of Ukraine acquainted Azerbaijani investors with the possibility of joining the already existing projects for the use of subsoil “farm-in”. The condition is the acquisition of a share in the company that is the licensee. Such a mechanism can be interesting for enterprises that do not develop sites themselves due to lack of funds and technologies, but can offer money and experience.

Representatives of SOCAR AQS are interested in the implementation of projects in the field of subsoil use in Ukraine, through the existing significant potential of both hydrocarbon deposits and raw materials for the manufacture of batteries for electric cars and electronics.

The parties agreed to continue the dialogue with the aim of starting and implementing joint business projects.

Let us remind you that Ukraine and the European Union signed a Memorandum of strategic partnership in the raw materials industry. Ukraine possesses significant resources of mineral raw materials - these are 20 out of 30 critical minerals included in the list of critical for the EU.

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