Azerbaijan’s State Oil Company (SOCAR) and Romanian Romgaz have signed a memorandum of understanding on cooperation, Azernews reports.
The document was signed by SOCAR Vice President Elshad Nasirov and Romgaz S.N.G.N Deputy Chief Officer Aristotel Jude during the visit of Economy Minister Mikayil Jabbarov, Energy Minister Parviz Shahbazov and SOCAR management to Romania.
The memorandum envisages further expansion of cooperation in the energy sector in order to implement the principles defined in the joint declaration “on the agreement on establishing a strategic partnership between Azerbaijan and Romania” signed in Bucharest on September 28, 2009.
“The cooperation document signed today between #SOCAR and #Romgaz in Romania was the next step towards ensuring the #EnergySecurity of the #EuropeanUnion. Our energy cooperation with #Romania is expanding,” Parviz Shahbazov tweeted.
During the meeting, where the document was signed, the parties emphasized Azerbaijan’s important role in Europe’s energy security. They spoke about the development of relations between the two countries in a number of areas of the economy and noted SOCAR’s activities in Romania.
Additionally, they exchanged views on strengthening cooperation in the energy sector, including renewable energy sources.
Azerbaijan and Romania are cooperating in various spheres of the economy. The two countries established diplomatic relations on June 19, 1992. The embassy of Romania in Azerbaijan was opened on November 3, 1998, and the embassy of Azerbaijan in Romania on May 19, 2001.
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.