SOCAR Strengthens Ties with Bulgaria

Azerbaijan’s SOCAR strengthened its business ties with Bulgaria on Monday, clinching an agreement with Bulgarian companies during a ceremony of the Southern Gas Corridor.

‘SOCAR President Rovnag Abdullayev received the representatives of Bulgartransgaz and Bulgargaz being on a visit to Baku on the occasion of the 20th anniversary of the signing The Contract of the Century,’ reads a note released by the company on Monday.  

SOCAR signed two contracts.  

‘SOCAR and Bulgaria's Gas companies signed two gas cooperation agreements. The Memorandum of Understanding was signed between Socar and Bulgartransgaz company by SOCAR President Rovnag Abdullayev and CEO of Bulgartransgaz Kirill Temelkov. The Protocol of Intentions was signed between Socar and Bulgaria’s Bulgargaz Company by Socar President Rovnag Abdullayev and head of the Board of Directors of Bulgargaz Botyo Velinov.’

Azerbaijan is moving forward with its plans to become a major producer of gas. 

According to a report by Azernews, the country will start developing its Absheron gas condensate field in Azerbaijani sector of the Caspian Sea in 2021.

"It is planned to invest $45 billion, $25 billion of which will fall on the project itself and the rest on the creation of all necessary infrastructure in order to ensure the transportation of gas within the second stage of Shah Deniz development in the next five years,” Azerbaijan's Energy Minister Natig Aliyev was quoted as saying.