BAKU, Azerbaijan, May 10. Azerbaijan’s state oil company SOCAR and Romania’s National Gas Transmission Company TRANSGAZ will strengthen cooperation in natural gas transmission, Ion Sterian, Director General of TRANSGAZ told Trend.
“As you may know, SNTGN Transgaz SA and SOCAR, the State Oil Company of the Azerbaijan Republic, signed in Baku, Azerbaijan, in 2016, a Memorandum of Understanding to provide mutual support for the development of strategic projects to increase regional safety of gas supply, memorandum which is to expire in July and Transgaz and SOCAR signed an addendum on the extension thereof by a period of 5 years in order to carry forward the strengthening of the cooperation framework,” said Sterian.
He said the parties stated that the signing of the Memorandum will strengthen cooperation between SOCAR and Transgaz regarding natural gas transmission and will enhance the opportunities to use international gas transmission and the Romanian transmission capacity for supplying gas from Azerbaijan and the Caspian region, and the cooperation in the field of natural gas supply and trade on the Romanian market, including by possible LNG import terminals, through AGRI.
“The representatives of the two energy companies identified the need to further develop and integrate the gas markets into the European Union's internal energy market, diversify gas supply routes and create access to new sources of gas, thus improving energy security at regional and European level. The two companies expressed their intention to jointly support mutually beneficial projects and to develop new directions of cooperation. The signed Memorandum outlines the basic principles, responsibilities and the framework for the coordination of the activities to be carried out between the two partners and lays the foundation for the development of further cooperation between them,” the director general explained.
Sterian pointed out that the Memorandum of Understanding between the two companies is beneficial for the purpose of strengthening the cooperation relationship, on multiple plans, in areas of strategic importance, joint projects and projects of common interest, without limitation to infrastructure projects in the energy sector.
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