The State Oil Company of Azerbaijan (SOCAR) intends to develop energy cooperation with Turkmenistan and hopes to open its office in the country, the SOCAR Vice-President on Investments and Marketing Elshad Nasirov said at the roundtable event dedicated to the 30th anniversary of the establishment of diplomatic relations between the two countries on June 7, the Baku-based Trend news agency reports.
"Our oil company is a transnational company, operating in the oil and gas sphere. And I hope that we will be able to open an office of our company in Ashgabat," Nasirov said.
He stated that the Memorandum of Understanding between the governments of Azerbaijan and Turkmenistan on joint exploration and development of hydrocarbon resources of the Dostluk field in the Caspian Sea has brought bilateral ties to a new level.
Nasirov also underscored the growing bilateral trade between the two countries, and the transportation of Turkmen goods to Europe and back via Azerbaijan.
Furthermore, the solution of the legal status problem of the Caspian Sea creates considerable opportunities for countries bordering the sea, since all five countries Kazakhstan, Turkmenistan, Iran, Azerbaijan, and Russia are among the world's largest hydrocarbon producers.
The SOCAR Vice-President also emphasized the importance of the contract signed for the supply of Turkmen gas to Azerbaijan via Iran.
Created in 1992, SOCAR is fully state-owned national oil and gas company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani segment of the Caspian Sea. It also operates the country's oil and gas processing plants and runs several oil and gas export pipelines throughout the country.