Romania, Azerbaijan sign MoU on strategic energy partnership.

By bne IntelliNews February 4, 2010
Romania and Azerbaijan have signed a memorandum of understanding (MoU) on a strategic energy partnership, according to the director with the ministry of economy, Corneliu Condrea, who hints that similar agreement will be concluded with Georgia in the next days. Top officials of the State Oil Company of Azerbaijan (SOCAR) have visited Romania late last year and discussed Azerbaidjans role of oil and gas supply to Romania and Europe but also other projects in the countrys oil industry including a possible creation of a petrochemical group with the participation of chemical plant Oltchim and Rafo refinery. Meanwhile, Oltchim took over the petrochemical unit from Petrom thus advancing toward an integrated group. Rafo however faces problems in financing its upgrade works. Separately, Vitaliy Baylarbayov, the deputy vice-president of SOCAR said on October 2 during a visit to Bucharest , that Azerbaijan Republic is willing to supply 7bn m3 of gas for the Nabucco pipeline, and a portion of this amount could go to Romania , should the pipeline be constructed.

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