Rosneft and SOCAR Signed a Joint-Venture Agreement

Rosneft President, Chairman of the Management Board Igor Sechin and President of the State Oil Company of the Azerbaijan Republic (SOCAR) Rovnag Abdullayev signed a joint venture agreement in the course of 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 President of the Russian Federation Vladimir Putin.

The parties agreed upon creation of a joint venture 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 start of specific joint operations in the region of selection and 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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