OREANDA-NEWS. May 25, 2012. Today in Baku State Oil Company of Azerbaijan (SOCAR) and Soroof International Saudi Arabian Company have signed memorandum on intentions on SOCAR’s participation in long term oil and gas projects in the kingdom.

SOCAR reports that under the memorandum the companies will create a joint venture in Saudi Arabia for carrying put exploration, production, transportation and processing of oil and gas resources and implementation of long term petrochemical projects.

The memorandum was signed by SOCAR President Rovnag Abdullayev and Soroof International President Bander bin Abdallah Muhammed Al Saud.