17:49 - 24.10.2019

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October 24, Fineko/abc.az. SOCAR and S.N.G.N. Romgaz S.A. (Romania) signed the Memorandum of Intentions on cooperation in exploration and production.

SOCAR reports that the purpose of Memo signing is implementation of joint projects within the strategic cooperation between the two companies.

Romgaz CEO Konstantin Adrian Volintiru said: "Cooperation with such partner as SOCAR is a great opportunity for both companies to get mutual benefit. Know-how, exchange of technologies and experience between two countries with similar history in the oil and gas industry will lead to successful cooperation. With the help of the latest technology and experience, important discoveries can be made in poorly studied basins."

Romania's largest natural gas producer and main gas supplier Romgaz is a 70% state-owned company. A company listed on the Bucharest and London exchanges, Romgaz is engaged in the exploration, production, storage and marketing of natural gas.

SOCAR is a state-owned company operating on a global scale. Among the company's activities, oil and gas exploration, production, processing and transportation of oil, gas and condensate prevail. SOCAR also sells oil and petrochemical products both domestically and internationally. The company aims to become a vertically integrated international energy company with advanced experience in the field of operational efficiency and social and environmental responsibility.