The Azerbaijan State News Agency

ECONOMY

SOCAR, Petronas sign memorandum of understanding

SOCAR, Petronas sign memorandum of understanding

Baku, September 16, AZERTAC

The State Oil Company of Azerbaijan (SOCAR) and Malaysian Petronas Company have signed a memorandum of understanding on the exploration, development and production of hydrocarbons from Goshadash prospective structure.

Under memorandum, the companies should agree - in a six months` period - on the basic commercial principles and conditions for Production Sharing Agreement ("PSA").

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