SOCAR-Azerbaijan Invests in the Extraction of Battery Metals in Ukraine

Tuesday, July 27, 2021
SOCAR-Azerbaijan Invests in the Extraction of Battery Metals in Ukraine

Ukraine is interesting for foreign investors in the field of subsoil use, as it is rich in carbon deposits, raw materials for the manufacture of batteries for electric cars, and 20 out of 30 minerals critical for the EU

On the initiative of SOCAR AQS, a meeting was held in Kyiv between the representative of the State service of geology and subsoil of Ukraine Roman Opimakh and members of the Azerbaijani service company on cooperation with Ukraine in the field of subsoil use.

Roman Opimakh acquainted the other side of the negotiations with the possibilities of developing deposits of hydrocarbons, lithium, titanium, nickel, cobalt, and potential business projects.

“Gosgeosluzhba has created an Investment Atlas of a Subsoil User, which contains vacant subsoil plots 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, land plots within the boundaries of deposits, as well as geological reports. Access to the data-room is free, State service of geology and subsoil regularly announces electronic auctions, where they offer subsoil plots that are interesting for subsoil users to acquire,” said Opimakh.

The head of the State Geological Survey of Ukraine acquainted Azerbaijani investors with the possibility of joining the already existing projects for subsoil use “farm-in” by purchasing a share of the licensee. Such a mechanism may be interesting for enterprises that do not develop sites themselves due to lack of technology but offer monetary investments.

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