Rosneft, SOCAR sign cooperation agreement

Rosneft and State Oil Co. of Azerbaijan Republic (SOCAR) have signed a broad energy cooperation agreement.

“Rosneft and SOCAR will form a joint venture on parity basis to cooperate in certain upstream oil and gas projects in various countries, including Russia and Azerbaijan,” Rosneft said in a press statement.

The companies also agreed to cooperate in marketing and trading and to jointly operate infrastructure facilities such as pipelines and terminals.

The agreement came during meetings of Russian President Vladimir Putin and Azerbaijan President Ilham Aliyev.

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