Azerbaijan, Baku, Apr. 8 / Trend /
The State Oil Company of the Azerbaijan Republic (SOCAR) and the Petrovietnam oil corporation signed a memorandum on mutual understanding in the oil and gas sector and an agreement on the long-term deliveries of Azerbaijani oil to the Vietnamese Oil Refinery in Baku.
The memorandum was signed by SOCAR head Rovnag Abdullayev and Petrovietnam President Phung Dinh Thuec. The contract on long-term supplies was signed by Petrovietnam CEO Nguyen Xuan Son and SOCAR Trading Singapore Director Victor Lim.
After the signing ceremony, Abdullayev said that joining the Asian market is a SOCAR priority. Vietnam occupies a large share of the market and SOCAR will supply oil to Petrovietnam on the basis of a long-term contract.
He said SOCAR Trading Singapore will deal with oil supply issues. The sides will also conduct research and implement oil and gas operations, he said.