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14. Azerbaijan Politics: Quick View - SOCAR Signs Deal With Russian Energy Firm

Thu Jun 5, 2014, 07:33 AM

Jun 2014

http://www.businessinsider.com/azerbaijan-politics-quick-view-socar-signs-deal-with-russian-energy-firm-2014-6

The State Oil Company of the Azerbaijan Republic (SOCAR) announced on May 24th that it had entered a joint venture (JV) agreement with a Russian state-owned energy firm, Rosneft.
The agreement enables SOCAR and Rosneft to co-operate on the exploration and production of oil and gas projects within Azerbaijan, Russia and in third countries.

Commenting on the JV, Rovnag Abdullayev, the chief executive officer of SOCAR, and Igor Sechin, the executive chairman of Rosneft, said that the deal would facilitate co-operation in the development of the energy sector in Siberia and Russian areas of the Caspian Sea, along with energy infrastructure.

The establishment of the JV follows an agreement signed between both parties in mid-August 2013 to increase their co-operation.

Read more: http://www.businessinsider.com/azerbaijan-politics-quick-view-socar-signs-deal-with-russian-energy-firm-2014-6#ixzz33lPGMuPi

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