Baku, Azerbaijan, Oct. 26
Azerbaijan's State Oil Company (SOCAR) is in talks to take part in the construction of the Kuban oil refinery near the Russian city of Novorossiysk, according to the Azerbaijani Energy Minister Natig Aliyev.
"Yes, we have interest. The Rosneft head, Igor Sechin negotiated with SOCAR during a recent visit to Baku, but I have no information about the results," he said Oct. 24, replying to a question by TASS news agency.
Reportedly, the recent Caspian states summit mulled a project for Azerbaijan's participation with investments in the Kuban oil refinery's construction to deliver Azerbaijani oil to the refinery and then sell oil products through Russian traders.
TASS reported that in October the Rosneft President Igor Sechin was on a visit to Azerbaijan.
Following the visit, the press-service of Rosneft said that the Russian company and SOCAR mulled strengthening and development of cooperation.
The parties particularly discussed the implementation of joint projects in oil production and refining in Russia and Azerbaijan.
Sechin, during his visit, met with the SOCAR President Rovnag Abdullayev.
In May 2014, Rosneft and SOCAR signed an agreement to create a joint venture to deal with the projects on exploration and production of oil and gas in various jurisdictions, including in Azerbaijan and Russia.
The parties agreed to create a joint venture on a parity basis, and to include the stocks/shares in mining assets in Russia, Azerbaijan and third countries into the venture's authorized capital.