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Press releases

Rosneft and SOCAR Signed a Joint-Venture Agreement

24 May 2014
Photo: the Presidential Press and Information Office

Rosneft President, Chairman of the Management Board Igor Sechin and President of the State Oil Company of the Azerbaijan Republic (SOCAR) Rovnag Abdullayev signed a joint venture agreement in the course of St. Petersburg International Economic Forum. The agreement provides for oil and gas exploration and production projects in different jurisdictions, including Azerbaijan and Russia. The signature ceremony was led by President of the Russian Federation Vladimir Putin.

The parties agreed upon creation of a joint venture on a parity basis, and to include shares of participation in producing assets in Russia, Azerbaijan, and third countries into its authorized capital. The list of assets will be agreed upon further.

Commenting on the signing, Igor Sechin and Rovnag Abdullayev noted that this agreement will enable start of specific joint operations in the region of selection and implementation of large-scale projects in Siberia, in the Russian shelf of the Caspian Sea, and other water areas. It will also create opportunities for both companies to enter new markets.

Notes for Editors:

The document was signed in follow-up of Cooperation Agreement between Rosneft and SOCAR from 13 August 2013, in which the parties intended to develop oil and gas exploration and production projects in Russia and Azerbaijan by creation of a joint venture.

Rosneft Information Division
Tel: +7 (499) 517-88-97
May 24, 2014

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.