Rosneft, SOCAR sign JV agreement

5/24/2014

Rosneft, SOCAR sign JV agreement

SAINT PETERSBURG, Russia -- Rosneft’s Igor Sechin and Rovnag Abdullayev, President of the State Oil Company of the Azerbaijan Republic (SOCAR), have signed a JV agreement at the St. Petersburg International Economic Forum. The agreement provides for oil and gas exploration and production projects in different jurisdictions, including Azerbaijan and Russia.

The signature ceremony was led by Russian President Vladimir Putin.

The parties agreed upon the creation of a JV on a parity basis, and to include shares of participation in producing assets in Russia, Azerbaijan, and third countries into its authorized capital. The list of assets will be agreed upon further.

Commenting on the signing, Igor Sechin and Rovnag Abdullayev noted that this agreement will enable the start of specific joint operations in the region of selection and the implementation of large-scale projects in Siberia, in the Russian shelf of the Caspian Sea, and other water areas. It will also create opportunities for both companies to enter new markets.

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