The State Oil Company of Azerbaijan (SOCAR) and Foroof International (Saudi Arabia) in Baku signed a memorandum of understanding and long term projects in the petroleum sector in the Kingdom of Saudi Arabia.

The memorandum was signed by SOCAR president Rovnag Abdullayev and Prince Bander Bin Abdullah Bin Mohammed Al Saud.

The contract will be prepared within a month, Abdullayev said after the signing ceremony. A joint venture in which SOCAR will have 75 per cent equity will operate in Saudi Arabia in the coming months.

The contract includes the work of SOCAR in the oil and gas sector of Saudi Arabia and in particular the exploration of gas structures and the geological, geophysical and other works in which SOCAR has considerable experience.

Al-Saud stressed that currently Saudi Arabia aims to attract foreign companies in the exploration and development of advanced gas structures.

/Trend/