Rosneft, Socar to jointly develop oil and gas resources
BY JAMES MARSON
MOSCOW -- Russian state oil giant OAO Rosneft has signed a cooperation deal to jointly develop oil and gas resources with Azerbaijan's state energy firm Socar, Rosneft said in a statement Tuesday.
Rosneft and Socar will create joint ventures to explore and develop resources in various countries, including Russia and Azerbaijan, Rosneft said.
The deal was signed Tuesday in Azerbaijan's capital Baku by Rosneft Chief Executive Officer Igor Sechin and Socar's CEO Rovnag Abdullayev.
The companies also agreed to cooperate on marketing and sales of hydrocarbons and oil products and joint use of infrastructure, Rosneft said.
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