BAKU, AZERBAIJAN – His Majesty King Mswati III has held high-level discussions with the leadership of the State Oil Company of the Azerbaijan Republic (SOCAR), during a visit focused on possible partnerships to develop Eswatini’s petroleum industry.
The King met SOCAR President Rovshan Najaf, where the two sides explored wide-ranging cooperation that could see the Azerbaijani firm play a central role in developing the petroleum sector in the Kingdom.
The company was briefed on the building of a strategic fuel reserve by Eswatini, beginning with two months’ storage capacity and scaling up over time. The company was asked to look into supplying the country with the finished product.
His Majesty highlighted how the country will be leveraging its human capital, while drawing parallels to the developmental paths of other countries which started with two months’ storage capacity but have grown to become giants in the industry. The country made it known that its ultimate goal is to have an oil refinery that will service the whole of Africa.
President Najaf expressed SOCAR’s readiness to partner with Eswatini, exploring the supply of petroleum products and various financing options.
SOCAR has also indicated willingness to provide extensive technical assistance in the preparation of a comprehensive Master Plan for the sector – an Energy Master Plan encompassing renewables and adherence to the highest environmental standards. Capacity-building initiatives, such as specialised training, were also discussed.
Both sides stressed the need for mutual trust, respect and long-term strategic relations. The meeting forms part of broader efforts to diversify Eswatini’s economy and secure reliable energy supplies for the Kingdom.
Discussion about this post