Azerbaijan`s state oil company SOCAR and Uzbekistan`s Uzbekneftegaz national holding company have signed a memorandum of understanding to develop the cooperation.

The document was signed during the visit of a SOCAR delegation led by the company`s president Rovnag Abdullayev to Tashkent to take part in the 20th Uzbekistan International "Oil & Gas (OGU 2016) Exhibition".

SOCAR`s president held meetings with Uzbekistan`s First Deputy Prime Minister Gulomzhon Ibrahimov and head of the Uzbekneftegaz board Alisher Sultanov.

During the meetings, the parties discussed the bilateral relations between Azerbaijan and Uzbekistan and the prospects for expanding the relations in the energy sphere.

The memorandum of understanding signed between SOCAR and Uzbekneftegaz following those meetings, covers the spheres of joint exploration and development of oil and gas fields and other areas of prospective cooperation, said the message from SOCAR.

SOCAR is the sole producer of oil products in Azerbaijan. It has two oil refineries and filling stations in Azerbaijan, Georgia, Ukraine, Romania and Switzerland.

SOCAR is the co-owner of the largest Turkish petrochemical complex, Petkim, and other assets in Turkey.