Industry and Energy

Industry and Energy

State Oil Company of Azerbaijan aims to invest in Romania

24 September 2009 09:04 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. State Oil Company of Azerbaijan (SOCAR) aims to supply natural gas for Nabucco gas pipeline and may partner up with Romanian oil and gas companies in hydrocarbon storage and transport projects.

SOCARâ€™s officials met Tuesday representatives of the Economy Ministry and of several companies in the oil and gas sector, the ministry said in a statement Wednesday, Mediamax reported.

The main issues approached in the meeting were the gas supply conditions for Nabucco pipeline and the construction, in partnership with Romanian state-run gas producer Romgaz, of natural gas storage facilities in Romania and Azerbaijan. Nabucco project is developed by Nabucco Gas Pipeline International, formed by Austria’s OMV, Hungary’s MOL, Romania’s Transgaz (TGN.RO), Bulgaria’s Bulgargaz, Turkey’s Botas and Germany’s RWE.
Nabucco will supply natural gas from the Caspian Sea to Central Europe via Turkey and Romania, bypassing Russia.
SOCAR also expressed its interest to store crude oil in Oil Terminal Constantaâ€™s (OIL.RO) oil terminals, to be further sold in Romania and Europe.
The company equally showed very interested in being part of Italyâ€™s Constanta-Trieste oil pipe, both as oil provider and investor in Romania.
The Pan European Oil Pipeline linking Constanta in Romania to Trieste in Italy is developed by Croatia, Romania, Serbia, Slovenia and Italy.
The 1,400 kilometer-long Constanta-Trieste oil pipeline, aimed at reducing dependence on Russian oil, is slated for service in 2012.
SOCAR is also interested in a joint-venture with Romanian companies, in the petrochemistry field. The company aims to partner up with with Conpet Ploiesti (COTE.RO) in ecological projects on oil exploration perimeters.
Romanian Economy Minister Adriean Videanu said in July that several Romanian companies, as Romgaz Medias, Oil Terminal Constanta, Conpet Ploiesti and Oltchim Ramnicu Valcea (OLT.RO), might partner up with SOCAR.