SOCAR head: Agreement with Rosneft to expand area of companies' activity
A cooperation agreement signed between SOCAR (The State Oil Company of Azerbaijan) and the Russian oil company Rosneft is a new and important step towards large scale expansion of international cooperation in the energy sector, according to a statement posted on the official SOCAR website with reference to the head of SOCAR Rovnag Abdullayev and Rosneft President Igor Sechin.
The agreement reached between the parties will allow the companies to expand the area of their activities, gain access to new markets and resources and optimise the delivery of oil and oil products through the joint use of existing infrastructure.
In addition, the sides came to an agreement on cooperation in exploration and production projects in Azerbaijan and Russia as well as in the marketing and sales of oil and oil products.
To this end, a joint venture will be set up on a parity basis. Agreement has also been reached on sharing a number of infrastructure projects such as pipelines and terminals.