Memorandum on cooperation signed between SOCAR (The State Oil Company of Azerbaijan Republic) and Ministry of Sport and Youth Affairs of Georgia.

Director General of "SOCAR Energy Georgia" Mahir Mammadov told local media.

According to him, the purpose of signing a memorandum is to develop the sport among the parties: "We cooperate for many years. As a proof of this cooperation, we signed a memorandum with the ministry.

Cooperation is planned for the years of 2016-2017."

M.Mammadov also said that no financial compensation will be paid for cooperation: Yet there is nothing related to financial issues. Perhaps in the future there might be something to discuss. It is simply the memorandum of mutual cooperation. We are one of the largest companies and the largest taxpayers in Georgia. Therefore, we cooperate with large organizations, ministries not with small organizations."

The Director General added that the memorandum would cover different sports.

Notably, the memorandum was signed by SOCAR President Rovnag Abdullayev and Minister of Sports and Youth Affairs of Georgia Tariel Khechikashvili.