Upstream: Rosneft, Socar agree co-operation deal

Rosneft and Socar have signed a co-operation agreement that is set to see the state giant duo exchange assets and team up in joint ventures.

The outline deal was signed in Baku late on Tuesday on the sidelines of talks between Russian and Azeri presidents Vladimir Putin and Ilham Aliyev.

Rosneft and Socar said in a joint statement after the signing that the two would “form a joint venture on parity basis to cooperate in certain upstream oil and gas projects in various countries, including Russia and Azerbaijan”.

The explorers added that “the companies also agreed to cooperate in marketing and trading operations for hydrocarbons and petroleum products as well as jointly operate certain infrastructure facilities, such as pipelines and terminals”.

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