Azerbaijan's state oil company signs agreement with Russia's Rosneft

May 24:

BAKU, May 24 (Xinhua) -- Russia's top oil producer Rosneft has signed a joint-venture agreement with State Oil Company of Azerbaijan (SOCAR), Azerbaijani state media reported on Saturday.

The two companies have agreed to create a joint venture on exploration and production of oil and gas in Azerbaijan, Russia and third countries, the report said.

The document was signed at the St Petersburg International Economic Forum over the weekend, despite sanctions imposed on Rosneft chief executive Igor Sechin, it said.

Sechin and Rovnag Abdullayev, the CEO of SOCAR, said this deal will boost both sides on selection and implementation of large- scale projects in Siberia, the Caspian Sea, as well as create opportunities for both companies to enter new markets, the report said.

Sechin was added in April to a U.S. sanctions list. Individuals added to the list will have their U.S. assets blocked and U.S. citizens are generally prohibited from doing business with them. However, no sanctions were imposed against Russia's state- controlled energy giant Rosneft itself.

Source: http://news.xinhuanet.com/english/business/2014-05/25/c_126543707.htm?