Russia’s Rosneft, Azerbaijan’s SOCAR establish joint venture

Russia’s Rosneft, Azerbaijan’s SOCAR establish joint venture
# 13 August 2013 18:57 (UTC +04:00)

“A fifty-fifty joint venture is being established,” he said. “It is supposed to be engaged in joint prospecting and developing of fields in Russia and Azerbaijan”, - he noted.

“Apart from that, this joint venture will market its products and will jointly use the corresponding infrastructure to deliver oil and oil products,” he noted.

According to Novak, the two companies had signed a framework agreement. “Later on, the companies will look at details of various options of mutual supplies, purchase and sale of oil, possible swap deals, exchange of assets,” he added.

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THE OPERATION IS BEING PERFORMED