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Petrom and Romgaz want to enter Azerbaijan oil and natural gas market

Romanian companies Petrom and Romgaz voiced interest in entering the Azerbaijan crude oil and natural gas market, Secretary of State with the Ministry of Economy and Finance Viorel Palasca announced on Wednesday.

Representatives of the Romanian Economy Ministry and the Industry and Energy Ministry from Azerbaijan signed on Wednesday a strategic partnership on the energy sector. 'Among the intentions of cooperation between Romania and Azerbaijan there is also the participation in the Azerbaijan market of such Romanian companies operating in the gas and oil sectors, with Azerbaijan being well known for its rich natural resources,' Palasca said. The Romanian official also added Romgaz wants to cooperate with Azerbaijan in the field of extraction and storage of natural gas and showed interest in participating in such tenders on the market there. Romanian Oil Company Petrom is also looking into the possibility of entering Azerbaijan's oil market. 'We have discussed with Petrom about their intention. The company has already opened an office in Azerbaijan, which will accelerate the decision-making process related to this matter,', Azeri Industry and Energy Minister Natig Aliyev, who is visiting Bucharest, said. Moreover, Palasca added that Romania might offer assistance to Azerbaijan to help it build a unit for electricity production from thermal and hydrological sources, and nuclear too. With regard to the intentions of Azerbaijan related to the Romanian market, Natig Aliyev stated that Socar, a state-owned oil company in Azerbaijan, is interested in bringing crude oil to be processed in Romanian refineries and sold then either via its own petrol station-chain, or via other such networks. As regards possible import of gas directly from Azerbaijan, Aliyev said there exists no adequate transportation capacity yet. 'If we fail to conclude direct bilateral agreements with Azerbaijan soon, we will be most probably forced to import gas from Azerbaijan in a few years via third parties, at much higher prices,' Palasca stressed. He also added Romania is interested in supplying to Azerbaijan equipment and tools for transportation of gas and crude oil. Sursa: http://www.rompress.ro

Tags: azerbaijan market romanian natural petrom romgaz

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