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SOCAR to conduct geological exploration with Romgaz

SOCAR to conduct geological exploration with Romgaz

Baku, October 28 - Neftegaz.RU. Azerbaijan SOCAR and Romanian Romgaz have signed a MoU on cooperation in geological exploration and production, Azernews reported. The document envisages the implementation of joint projects in the framework of establishing strategic cooperation between the 2 countries.

“The cooperation with a partner such as SOCAR is an excellent opportunity to benefit both companies,” said Adrian Volintiru, CEO at Romgaz. In his words, the exchange of know-how, technology and experience between the 2 countries with similar history in the oil and gas industry will lead to a successful cooperation.

Earlier, SOCAR expressed its interest in cooperation with Romgaz in exploration and production of gas in the Black Sea, while Romanian company voiced its intention to cooperate with SOCAR both on the onshore area of Azerbaijan and on the offshore area in the Caspian Sea as well.

Romgaz is the largest natural gas producer and the main supplier in Romania. The main shareholder is the Romanian State owing a 70 % stake. SOCAR has played an important role in the Romanian distribution market since 2011 through its subsidiary SOCAR Petroleum.

SOCAR's activities in Romania are associated with the retail trade of petroleum products. The company has 43 filling stations in 20 Romanian regions. SOCAR plans to expand the network of gas stations in Romania to 60 points.

Romania and Azerbaijan also cooperate in the implementation of AGRI (Azerbaijan-Georgia-Romania Interconnector) energy project which is aimed at diversifying the energy supply sources of the EU and involves the transport of Azerbaijani natural gas to Romania and Central Europe.

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