Socar, Soroof team up for Saudi oil exploration
Azerbaijani state energy firm Socar has signed a memorandum of understanding with Saudi Arabia`s Soroof International on its participation in long-term energy projects in the Kingdom.
The memorandum was signed in Baku by SOCAR President Rovnag Abdullayev and Prince Bander Bin Abdullah Bin Mohammed Al Saud.
A relevant contract will be drafted within a month, Abdullayev said after the signing.
A joint venture in which Socar will have 75 percent equity will begin operating in Saudi Arabia in the coming months. Socar and Soroof will explore and develop oil and natural-gas fields and work on petrochemical projects.
Prince Al Saud stressed that Saudi Arabia aims to attract foreign companies to the exploration and development of its prospective gas structures.
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