SOCAR Vice-President Announces Readiness To Extend Gas Contract With Romania Until 2026

The State Oil Company of Azerbaijan (SOCAR) is ready to extendthe duration of the gas supply contract with Romania until2026.

Azernews reports that this was announced bySOCAR Vice President Elshad Nasirov during the 8th session of theAzerbaijan-Romania Intergovernmental Joint Commission on Trade,Economic Relations, and Scientific-Technical Cooperation held inBaku today.

According to him, yesterday was the last day of the gas contractsigned between the two countries.

"In accordance with this contract, SOCAR can supply 1 billioncubic metres of gas annually without any obligation for thesupplier or the buyer. We are ready to continue this project thisyear and in the coming years."

Nasirov noted that over the past three years, SOCAR has suppliedpetroleum products worth $800 million, equivalent to 1.2 milliontons of oil products.

"SOCAR Turkey" supplied Romania with oil products worth $1.1billion, equivalent to 1.1 million tons of oil products and 33thousand tons of chemical products, while "SOCAR Trading" suppliedapproximately 700 thousand tons of oil products worth $600 millionto Romania.

He mentioned that SOCAR operates 74 filling stations in Romaniaand employs 777 people in SOCAR Romania, investing €70 million increating infrastructure in Romania. The supply of crude oil and oilproducts to Romania is carried out by several branches ofSOCAR.

Nasirov also stated that they are awaiting the issuance of alicence to "SOCAR Trading Gas and Power," located in Luxembourg, bythe regulatory authority in Romania.

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