TODAY.AZ / Business

SOCAR to conduct geological exploration with Romgaz

25 October 2019 [11:24] - TODAY.AZ

By Azernews

By Leman Mammadova

The State Oil Company of Azerbaijan Republic (SOCAR) and Romanian SNGN Romgaz S.A. have signed a memorandum of understanding on cooperation in geological exploration and production.

The document was signed on October 24 and envisages the implementation of joint projects in the framework of establishing strategic cooperation between the two countries.

“The cooperation with a partner such as SOCAR is an excellent opportunity to benefit both companies,” said Adrian Constantin Volintiru, Chief Executive Officer at Romgaz.

In his words, the exchange of know-how, technology and experience between the two countries with similar history in the oil and gas industry will lead to a successful cooperation.

“The significant discoveries can be achieved in less-studied basins using the latest technologies and practices,” he noted.

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.

As of January 2019, the representatives of the two companies discussed the possibility of cooperation in the framework of the Trans-Anatolian Gas Pipeline (TANAP) and Trans-Adriatic Pipeline (TAP) projects.

Romgaz is the largest natural gas producer and the main supplier in Romania. The main shareholder is the Romanian State owing a 70 percent stake.

SOCAR has played an important role in the Romanian distribution market since 2011 through its subsidiary SOCAR Petroleum S.A. 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 European Union and involves the transport of Azerbaijani natural gas to Romania and Central Europe.

AGRI project envisages transportation of Azerbaijani gas to the Black Sea coast of Georgia via gas pipelines. Azerbaijani gas delivered to Georgia's Black Sea coast will be liquefied at a special terminal and following this, it will be delivered in tankers to a terminal at the Romanian port of Constanta.


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