Russia and Azerbaijan enhancing cooperation in oil and gas spheres

The decision to establish a joint enterprise made by Russia's Rosneft oil company and the State Oil Company of Azerbaijan (SOCAR) at the St. Petersburg International Economic Forum shows that the two countries are enhancing mutual cooperation in the sphere of the oil and gas industries, Azerbaijani expert Ilham Shaban says.

The expert underlined that the decision was based on some serious groundwork.

"Let me remind you that the cooperation memorandum was first signed by SOCAR chief executive Rovnag Abdullayev and Igor Sechin in the framework of President Putin's visit to Azerbaijan," Shaban says.

The expert also stresses that the project will be mutually beneficial.