SOCAR, Transgaz extend cooperation accord

By Azernews

By Ayya Lmahamad

Azerbaijan's State Oil Company (SOCAR) and Romanian Transgaz have signed a document to extend the memorandum of understanding of 2016 for another six years, SOCAR's Acting President Rovshan Najaf wrote on his official Twitter page.

A meeting of SOCAR's Supervisory Board Chairman and Economy Minister Mikayil Jabbarov, Romanian Energy Minister Virgil Daniel Popescu and Special Envoy for Strategic and International Affairs Ana Birchall was held on March 3.

During the meeting, the parties discussed future prospects of bilateral energy cooperation.

In July 2016, a memorandum of understanding was signed between SOCAR and Transgaz. The memorandum considers the strengthening of cooperation on gas transportation, as well as opportunities of using Romania’s gas transit and distribution capacity in gas supply from Azerbaijan and Caspian region, cooperation on gas supply and trading in the Romanian market, including potential terminals for LNG intake within the framework of AGRI. 

Azerbaijan and Romania are cooperating in various spheres of the economy. SOCAR operates in Romania through SOCAR Petroleum SA, established in 2011, and owns SOCAR- branded petrol stations in 26 regions of Romania.

The trade turnover between the two countries amounted to $215.5 million in 2021, with exports amounting to $120.5 million, and imports to $94.9 million.