Russian and Azeri oil companies reach agreement

Rosneft and Azerbaijan Oil Company SOCAR signed a memorandum on collaboration on August 13th, during the meeting of the Russian and Azeri presidents. They agreed on the construction of a joint venture that will explore for oil and gas around the world. An agreement was also concluded regarding the sale and marketing of oil and gas. The agreement entails the construction and sharing of infrastructure, including pipe-lines and terminals.