SOCAR (State Oil Company of the Azerbaijani Republic) and Austria's OMV have signed a memorandum of understanding on bilateral cooperation, Trend reports.
The memorandum was signed by SOCAR head Rovnag Saudabayev and Executive Director of the OMV Gerhardt Roiss. They discussed cooperation in extraction, transport and marketing of oil and gas.
OMV is a participant of Nabucco.
Nabucco is aimed at transporting gas from the Caspian Sea to the Middle East and Europe. It will have a maximum cap of 31 billion cubic meters of gas annually. Construction of the gas pipeline is to start in 2013, first supplies are expected in 2017. Azerbaijan, Iraq and Turkmenistan are potential gas suppliers of the project.
