The Egyptian General Petroleum Corporation (EGPC) and the State Oil Company of Azerbaijan Republic (SOCAR) signed a memo of understanding for cooperation in the oil and gas industry.

In a statement, Petroleum Minister Tareq el Molla, who attended the signing event, said that Azerbaijan has huge reserves of natural gas and raw oil and has an important role among Caspian Sea states.

Under the memo, the two sides will participate in carrying out long-term petroleum projects and SOCAR will supply about two million barrels of oil for refinement at Egypt’s Middle East Oil Refinery (MIDOR) and Nasr Petroleum Company.

They will also cooperate in the fields of liquefied natural gas, infrastructure and petrochemicals, the statement said.

The two companies will form a joint working team for information exchange, planning and follow-up periodic meetings, it added.

Source: MENA