SOCAR, Rosneft to work together offshore Russia, Azerbaijan
Rosneft and Azerbaijan’s state oil company SOCAR have signed a cooperation agreement.
The two companies will collaborate in upstream oil and gas projects in various countries, including Russia and Azerbaijan. They will additionally jointly operate certain pipelines and terminals.
Rosneft President Igor Sechin and SOCAR President Rovnag Abdullayev said the agreement would allow the two parties to broaden geographical reach, access new markets and resources, and optimize crude oil and petroleum product supplies through use of existing infrastructure.