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Tuesday, March 31, 2009

Gazprom, SOCAR Sign Co-Operation Agreement

March 31, 2009 - Datamonitor - Russian gas monopoly Gazprom and the State Oil Company of Azerbaijan have signed a memorandum of understanding for long-term co-operation. Pursuant to the agreement, an accord has been reached to launch negotiations aimed at settling the terms of Azerbaijan's gas sales and purchase, with the first deliveries projected for January 2010 on delivered-at-frontier terms. The parties will also address the versions and economic viability of gas swap operations. The memorandum of understanding (MoU) stipulates developing a co-operation program on experience exchange, holding of training courses, arranging of seminars and visits to production facilities by the experts of both parties for information sharing. In the near future, Gazprom and the State Oil Company of Azerbaijan (SOCAR) are expected to perform technical inspection of the gas pipeline system at the 200km BakuNovo-Filya section for its modernization. Azerbaijani gas will be supplied to Russia via this section, which runs from Baku to the Russian border across the Caspian coast.

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