Azerbaijan, Baku, Aug. 14 / Trend E. Ismailov /
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 parties 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.
The cooperation agreement between the State Oil Company of the Republic of Azerbaijan and the open joint stock company, Rosneft Oil, as well as general conditions for the supply of oil between the two was signed by the President of the State Oil Company of Azerbaijan Rovnag Abdullayev and the Chairman of the Board of the open joint stock company, Rosneft Oil, Igor Sechin.