SOCAR vice-president announces readiness to extend gas contract with Romania until 2026

The State Oil Company of Azerbaijan (SOCAR) is ready to extend the duration of the gas supply contract with Romania until 2026.

Azernews reports that this was announced by SOCAR Vice President Elshad Nasirov during the 8th session of the Azerbaijan-Romania Intergovernmental Joint Commission on Trade, Economic Relations, and Scientific-Technical Cooperation held in Baku today.

According to him, yesterday was the last day of the gas contract signed between the two countries.

"In accordance with this contract, SOCAR can supply 1 billion cubic metres of gas annually without any obligation for the supplier or the buyer. We are ready to continue this project this year and in the coming years."

Nasirov noted that over the past three years, SOCAR has supplied petroleum products worth $800 million, equivalent to 1.2 million tons of oil products.

"SOCAR Turkey" supplied Romania with oil products worth $1.1 billion, equivalent to 1.1 million tons of oil products and 33 thousand tons of chemical products, while "SOCAR Trading" supplied approximately 700 thousand tons of oil products worth $600 million to Romania.

He mentioned that SOCAR operates 74 filling stations in Romania and employs 777 people in SOCAR Romania, investing €70 million in creating infrastructure in Romania. The supply of crude oil and oil products to Romania is carried out by several branches of SOCAR.

Nasirov also stated that they are awaiting the issuance of a licence to "SOCAR Trading Gas and Power," located in Luxembourg, by the regulatory authority in Romania.