State Oil Company of Azerbaijan (SOCAR) has started the talks on participation in construction of the Kuban oil refinery in Novorossiysk, Azerbaijani Energy Minister Natig Aliyev told TACC last Friday.
“Yes, we are interested. During his recent visit to Baku Rosneft President Igor Sechin has held talks with SOCAR, but I have no information about the results of the talks,” he said while answering this question.
According to TACC, the Azerbaijan’s participation in construction of the Kuban oil refinery in Novorossiysk for pumping of Azerbaijani oil into oil and sale of oil products through the Russian traders has been discussed at the summit of the Caspian states in September 2014.
TACC reported that in October 2014 Rosneft President Igor Sechin has visited Azerbaijan. After the visit Rosneft press office reported that Rosneft and SOCAR have discussed strengthening and development of cooperation. In particular, the sides have discussed implementation of joint projects in field of oil production and refining in Russia and Azerbaijan. During his visit Sechin has met with SOCAR President Rovnag Abdulayev.
In May 2014 Rosneft and SOCAR signed the agreement to create a joint venture for oil and gas exploration and production in various jurisdictions, including in Azerbaijan and Russia. The sides have agreed to create a joint venture on a parity basis and include into its authorized capital shares in the production assets in Russia, Azerbaijan and third countries.—0—
Economics
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