SOCAR in talks to develop oil field in Russia
SOCAR State Company of Azerbaijan holds talks on developing an oil field in Russia.
This was stated by SOCAR Vice President for Investments and Marketing Elshad Nasirov in Minsk on November 1, Reuters reports.
Nasirov also said that SOCAR had proposed extending its gas contract with Gazprom to 2020. It is assumed that the volume of purchases will be determined on the basis of commercial interests, and will not exceed one billion cubic meters per year.
The previous contract was concluded in 2017 and expires at the end of 2018.
SOCAR is a wholly state-owned national oil company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani section of the Caspian Sea.
The company includes three production associations, one oil refining and gas processing enterprise, an oil flotilla, a deep-water base plant, two trusts, one institute, and 23 structures.
SOCAR established joint companies (including Georgia and Turkey), alliances, operating in various sectors of oil and gas spheres. It has representative offices in Georgia, the U.S., Turkey, Romania, Austria, Switzerland, Kazakhstan, Great Britain, Iran, Germany, Ukraine, Belgium and Canada.
Azerbaijan is one of the main economic partners of Russia among the CIS countries. Interregional cooperation plays an important role in the development of Russian-Azerbaijani trade and economic relations. At present, enterprises of more than 70 regions of Russia cooperate directly with Azerbaijan. Fifteen regions of Russia have relevant agreements with Azerbaijan on trade and economic, scientific, technical and cultural cooperation.
Russia has been included in the list of Azerbaijan’s five largest trade partners in January-June 2018 with the volume of trade turnover of $ 1.14 billion (8.54 percent of the total volume of trade turnover).
Azerbaijan invested more than $1 billion in the Russian economy, and Russia invested about $4 billion in the economy of Azerbaijan.
The trade turnover between the states amounted to $1.3 billion in January-July 2018, according to State Customs Committee of Azerbaijan. Russia accounts for 7.89 percent of the total foreign trade turnover of Azerbaijan.