SOCAR and ExxonMobil agree on new collaboration in Azerbaijan's oil and gas sector

BAKU. June 2 (Interfax) - The State Oil Company of the Azerbaijan Republic (SOCAR) and U.S. ExxonMobil Corporation on Monday agreed to new collaboration in the oil and gas sector of Azerbaijan, SOCAR said.

"SOCAR and ExxonMobil Corporation have signed a memorandum of understanding as part of the Baku Energy Week. The document envisages collaborating in Azerbaijan's oil and gas sector," according to the statement.

SOCAR President Rovshan Najaf and ExxonMobil Corporation Vice President John Ardill signed the memorandum.

Details of the memorandum have not been provided.

"The long-term partnership between ExxonMobil Corporation and SOCAR in the energy sector has recently strengthened further," SOCAR said.

ExxonMobil Corporation is currently a shareholder in Azerbaijan in the Azeri-Chirag-Gunashli field development project with a 6.79% stake and in BTC Co, which operate the Baku-Tbilisi-Ceyhan oil pipeline, with a 2.5% stake.