Azerbaijan, Kazakhstan set to boost energy ties, joint investments, technological exchange PHOTO

President of the State Oil Company of the Republic of Azerbaijan (SOCAR) Rovshan Najaf and Chairman of the Board of QazaqGaz state joint-stock company have met to discuss prospects for the development of SOCAR-QazaqGaz cooperation.

During the conversation, the sides also exchanged views on the creation of working groups for the implementation of planned projects and other issues of mutual interest, Report informs with reference to SOCAR.

Following the meeting, a Memorandum of Understanding was signed between SOCAR and QazaqGaz. The document provides for the exploration and development of hydrocarbon deposits in Kazakhstan, the development of gas and chemical industries, the modernisation of gas transportation, the introduction of innovative technologies in this sector and the study of cooperation opportunities in other important areas.

The memorandum will also serve to develop close commercial relations between the parties and increase the volume of bilateral investment and technological exchange.