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Ukraine agrees to pay $5 mln-debt to Azerbaijan

19 September 2011 14:41 (UTC +04:00)

During the Economic Forum in Davos in January, this year, basing on an agreement between the presidents of Azerbaijan and Ukraine, the Ministers of Industry and Energy of the two countries signed a memorandum of cooperation in the energy field. In accordance with the memorandum, a working group has been established for coordination of cooperation in the energy field.

At today’s meeting of the working group three questions have been discussed. These include cooperation in oil and gas - a joint venture between SOCAR and the company "Neftogaz Ukraine", Ukraine debt payment of $ 5 million for oil and petroleum products, exports of oil and oil products in Ukraine.

Agreement was reached on all three issues,. Ukraine agreed to pay debt of 5 million dollars to Azerbaijan in the near future. In addition, Ukraine intends to purchase compressed gas from Azerbaijan via the Black Sea.