OMV to Bolster Ties with Azerbaijan's SOCAR

Austrian OMV will strengthen ties with Azerbaijan’s SOCAR (State Oil Company of Azerbaijan Republic) after signing a memorandum of understanding on enhanced cooperation.

Gerhard Roiss, OMV Chief Executive and  Azeri President Ilham Aliyev met last week in Baku to discuss potential investment plans.

OMV, central Europe’s largest oil company, and the Shah Deniz consortium are negotiating long-term gas supplies for transport from the Caspian region via Turkey to Europe.

“Azerbaijan is one of the key countries to deliver natural gas to cover the growing demand in Europe.  As part of the Nabucco consortium, OMV is looking forward to concluding first supply contracts and increase its gas business in this country” Roiss said (read more HERE).

Source: Reuters