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Russian energy giant Gazprom and Azerbaijan's state oil company SOCAR have agreed to strengthen their broad strategic partnership, in an announcement made during Russian President Vladimir Putin's visit to Baku.
Local media reported that a delegation from Gazprom headed by Chairman of the Management Committee Alexei Miller took part in the events held during Putin's official visit.
Miller stressed that the partnership-based cooperation between Gazprom and the state-owned oil company is “mutually beneficial” and “developing dynamically.”
As an example of progress, he cited the North-South Project, or “comprehensive scientific and technical programme,” which will be signed next month while an agreement has been reached to “expand the multifaceted strategic partnership.”
Iran and Russia are also cooperating to boost trade ties and joint transportation infrastructure through North-South International Transport Corridor.
This corridor connects India and the Persian Gulf with Russia and Northern Europe, and plays a vital role in trade and relations between the two countries.
Putin and Azerbaijani President Ilham Aliyev reportedly met in Baku to prioritize trade relations between the two countries, with Aliyev revealing that $120 million will be spent to boost freight transport between the two countries.
Russia and Azerbaijan “The two countries are important economic partners for each other. The trade volume has exceeded $4 billion and is growing steadily, adding 17% in the first six months of this year. Moreover, more than $4 billion has been directly invested in the Azerbaijani economy.” Putin saidAs stated in a press release issued by the Kremlin.
Aliyev said that the two countries had considered “the possibility of transporting 15 million tons of goods or more, up to 30 million tons, annually. In this case, I hope that Russia, Azerbaijan and other participants in this corridor will continue their activities together.”
He added that regarding the “energy sector, the situation has been analyzed in detail both in the oil and gas sector and in the energy industry… and I am confident that we will continue to coordinate our activities.”
Russia's priority includes strengthening ties with countries such as Azerbaijan to ensure access to global markets due to sanctions imposed in the wake of Russia's war on Ukraine.
“Gazprom and Azerbaijan's SOCAR ready to expand strategic partnership” was originally created and published by Marine Technologya trademark owned by GlobalData.
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