Socar Plans to Sign Accord With RWE on Caspian Field This Year

The State Oil Co. of Azerbaijan, also known as Socar, is "highly likely" to sign a production sharing agreement with Germany's RWE AG on the Nakhichevan structure in the Caspian Sea this year, Socar Vice President Vaqif Aliyev told reporters in Baku today.

Socar and RWE signed a memorandum of understanding to explore and develop Nakhichevan, which lies 50 kilometers (31 miles) off Azerbaijan, in March 2010.

Source: Bloomberg

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