Azerbaijan, Baku, Sept. 6 / Trend E. Ismayilov /
SOCAR examines Saudi Arabia's legal framework within a memorandum with Soroof International (Saudi Arabia) on mutual understanding and long-term projects in the oil and gas sector in the country, SOCAR senior representative told media today.
The cooperation between the parties involves the creation of a joint venture in Saudi Arabia, in which SOCAR will have 75 percent of the equity.
It is assumed that SOCAR will work in Saudi Arabia's oil and gas sector. It will conduct exploration work on the gas structures, geological, geophysical and other work, in which SOCAR has rich experience.
SOCAR representative said that it is necessary to fully study the specific legal framework of the country based on Sharia to carry out any activity in Saudi Arabia.
The Memorandum of Understanding was signed between the parties in May 2012. It was signed by SOCAR president Rovnag Abdullayev and Prince Bander Bin Abdullah Bin Mohammed Al Saud.