Rosneft and SOCAR sign an agreement of cooperation

Rosneft and SOCAR have signed an agreement of cooperation to deal with oil and gas extraction in different countries, including Russia and Azerbaijan, in the framework of a JV. The sources say, Rosneft can obtain a share in Shakh-Deniz-2 and Apsheron at the Azerbaijani shelf of the Caspian Sea, though, no final arrangements have been reached yet.

Yesterday Rosneft and SOCAR signed an agreement on cooperation, Rosneft reported. The document was signed by the leaders of Rosneft and SOCAR in the presence of the Presidents of both countries in the framework of the visit of Vladimir Putin to Azerbaijan. It is said in the report that the parties are going to cooperate in the framework of the projects dealing with exploration and extraction of oil and gas in different countries, including Russia and Azerbaijan. Thus, the enterprises will found a JV on a parity basis. Besides, Rosneft and SOCAR have arranged cooperation in the sphere of marketing and sales of hydrocarbons and oil products and joint use of a number of infrastructural objects, including pipelines and terminals.