S.N.G.N. Romgaz S.A. and SOCAR have signed a Memorandum of Understanding (MoU) on cooperation in geological exploration and production.

Axar.az informs that, the memorandum aims at establishishing strategic cooperation for Azerbaijan and Romania, as well as developming projects serving common interests of the international community.

Adrian Constantin Volintiru, S.N.G.N. Romgaz S.A. Chief Executive Officer, said that partnership with a company like SOCAR is a good opportunity which will benefit both companies: "Exchange of know-how, technology and experience between two oil and gas companies with similar history will pave the way to successful cooperation. Little explored basins can be studied extensively with the use of modern technologies and experiences."

Romgaz, Romania's largest producer and main supplier of natural gas, is 70% owned by the state. Listed on the Bucharest and London stock exchanges, the company is engaged in the exploration, production, storage and marketing of natural gas.

SOCAR is a state-owned company operating globally. The company's activities include oil and gas exploration, production, processing and transportation of oil, gas and gas condensate. SOCAR also sells petroleum products and petrochemical products both domestically and abroad.