Romgaz and SOCAR, the state oil company of Azerbaijan, concluded in Bucharest a Memorandum of Understanding which sets the basis of a new cooperation between the two companies.

Through this Memorandum of Understanding the signing parties formalize their intention to explore the opportunity of jointly developing a liquefied natural gas project at the Black Sea. Such project is envisaged to consist of an LNG liquefaction plant, a regasification plant as well as all other installations and facilities needed in order to transport natural gas from the Caspian region into Romania.

The signing companies intend to initiate the joint preparation of a study which to identify the technical, financial, and commercial feasibility of such project, and based on the results of such study, to commence negotiations with the aim of reaching an agreement on the terms and conditions of the development of the Black Sea LNG Project.