SOCAR, OMV intend to expand cooperation

Oil&Gas Materials 20 May 2011 18:42 (UTC +04:00)

Azerbaijan, Baku, May 20 / Trend E. Ismayilov /

The Memorandum of Understanding, signed between SOCAR and Austrian company OMV, envisages studying the issues of integrating the European market, a source in SOCAR said.

The memorandum provides for cooperation of companies in the Turkish market.

OMV's interests in mining projects (upstream) may be considered within expanding the sides' cooperation, but this question has not been specifically stipulated.

SOCAR and Austrian company OMV signed a memorandum of understanding on bilateral cooperation, SOCAR said.

The memorandum was signed within a meeting between SOCAR head Rovnag Abdullayev and the delegation members headed by OMV Executive Director. The sides discussed the possibilities of cooperation in the sphere of production, transportation and oil and gas marketing.

OMV is one of Nabucco gas pipeline project participants.

Nabucco project envisages gas supplies from the Caspian region and the Middle East to the EU countries. The pipeline's maximum capacity will hit 31 billion cubic meters per year. The pipeline's construction is scheduled for 2013, while the first gas supplies via the pipeline are expected in 2017. The main suppliers for the Nabucco project are considered Azerbaijan, Iraq and Turkmenistan.