SOCAR and Rosneft consider possibility of participating in joint projects
Azerbaijan, Baku, July 10 /Trend E. Ismailov /
The State Oil Company of Azerbaijan Republic (SOCAR) and Russia's Rosneft are considering the possibility of participating in joint projects both in Azerbaijan and in Russia, the head of SOCAR Rovnag Abdullayev told journalists on Wednesday.
According to him, discussions were held between the companies both at St. Petersburg International Economic Forum and during a meeting in Baku.
Speaking about the interests of SOCAR, Abdullayev said the company is interested in working on land in Russia and below the Caspian Sea.
Referring to the issue of continuing the transit of Azerbaijani oil through Russia via the Baku-Novorossiysk pipeline, Abdullayev said that commercial negotiations with the Russian company Transneft are on-going and talking about the final results will be possible by the end of the year.
In May, Prime Minister of Russia Dmitry Medvedev signed an order to terminate the agreement with Azerbaijan on the transit of Azerbaijani oil via the Baku-Novorossiysk pipeline.
Azerbaijan International Operating Company (AIOC) was the operator of the Baku-Novorossiysk pipeline before the end of 2007. AIOC transferred these functions to SOCAR.
SOCAR carries out the transhipment of oil from its own fields, as well that of joint ventures and operating companies working onshore in Azerbaijan through Novorossiysk
The supply of oil via the Baku-Novorossiysk pipeline will be continued in accordance with the agreement till the end of this year.