The State Oil Company of the Azerbaijani Republic (SOCAR) and Foroof International, a Saudi Arabian company have signed a memorandum of understanding and realization of long-term petroleum projects in Baku on Friday, Trend reports.
Signatures were put by SOCAR President Rovnag Abdullayev and Prince Bandar bin Abdullah bin Mohammad al-Saud.
A contract will be prepared in a month. A joint venture will be founded with SOCAR holding 75% of shares. SOCAR will explore Saudi Arabian gas structures. Saudi Arabia is interested in development of prospect gas structures.
