On August 13, 2013 Rosneft and State Oil Company of the Republic of Azerbaijan (SOCAR) executed the Cooperation Agreement. The document was signed by Rosneft President and Chairman of the Management Board Igor Sechin and SOCAR President Rovnag Abdullayev in the presence of Vladimir Putin, President of the Russian Federation, and Ilham Aliyev, President of the Republic of Azerbaijan.
Rosneft and SOCAR will form a joint venture on parity basis to cooperate in certain upstream oil and gas projects in various countries, including Russia and Azerbaijan. The companies also agreed to cooperate in marketing and trading operations for hydrocarbons and petroleum products as well as jointly operate certain infrastructure facilities, such as pipelines and terminals.
Rosneft President Igor Sechin and SOCAR President Rovnag Abdullayev praised the signed document as a new significant step towards broadening full-fledged energy cooperation between Russia and Azerbaijan. The Agreement will enable the companies to broaden geographical reach, get access to new markets and resources and optimize crude oil and petroleum product supplies through the use of existing infrastructure.