The memorandum of understanding was inked in the Azeri capital Baku by Statoil chief executive Helge Lund and Socar counterpart Rovnag Abdullayev during a visit to the country in which Lund also met with President Ilham Aliyev for wider talks on the company’s role in Azerbaijan.
The provisional pact defines a framework under which the two state companies will explore opportunities, conduct talks and agree on key commercial principles for their proposed work on the new Caspian project over the next year.
Lund
