Russian state energy giant Gazprom and Azerbaijani SOCAR, the state oil company of the Republic of Azerbaijan, have decided to strengthen their comprehensive strategic partnership. This was announced during Russian President Vladimir Putin’s visit to Baku.
According to local media, a delegation from Gazprom led by the chairman of the management committee, Alexey Miller, took part in the events held during Putin’s state visit.
Miller stressed that the partnership-based cooperation between Gazprom and the state oil company is “mutually beneficial” and “developing dynamically.”
As an example of the progress being made, he cited the North-South project, or the comprehensive scientific and technical programme, to be signed next month, while an agreement was reached to broaden the multifaceted strategic partnership.
Iran and Russia are also working together to improve trade links and shared transportation infrastructure through the International North-South Transport Corridor.
This corridor connects India and the Persian Gulf with Russia and Northern Europe and plays an important role in trade and relations between the two countries.
Putin and Azerbaijan President Ilham Aliyev are said to have met in Baku to discuss business relations between the two countries. Aliyev announced that $120 million would be spent to improve freight transport between the two countries.
“Russia and Azerbaijan are important economic partners for each other. Trade has passed $4 billion and is growing steadily, with a 17% increase in the first six months of this year. Moreover, more than $4 billion has been directly invested in the Azerbaijani economy,” Putin saidas quoted in a Kremlin press release.
Aliyev said the two countries “considered the possibility of transporting 15 million tons of cargo or more, up to 30 million, per year. In this case, I hope that both Russia and Azerbaijan and other participants of this corridor will continue their activities together.”
He added that as far as the energy sector is concerned, the situation in both the oil and gas sector and the energy sector has been analysed in detail… and I am confident that we will continue to coordinate our activities.
A priority for Russia is to strengthen ties with countries like Azerbaijan to ensure access to the global market, given the sanctions imposed after Russia’s war on Ukraine.
“Gazprom and Azerbaijan’s SOCAR ready to expand strategic cooperation” was originally created and published by Offshore technologya brand of GlobalData.
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