​Azerbaijan intends to buy gas from Russia and Iran - UPDATED

Baku. 14 March. REPORT.AZ/ The State Oil Company of Azerbaijan Republic (SOCAR) has not stopped implementation of construction project of Oil-gas and petrochemical complex.

Report informs, SOCAR President Rovnag Abdullayev told reporters.

R.Abdullayev noted Chinese companies and export-import banks show great interest in the project, talks are underway: 'Offers by 'Mitsui' company have stopped to be reconsidered as they are not effective. After reconsideration, we will hold talks with them'.

Company President said SOCAR negotiates with Russia and Iran to buy 3 billion cubic meters of natural gas.

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'We are interested in buying Russian gas" and we have made "Gazprom" an offer. We need this gas for gas Injection in oil production. The more gas pumped, the easier it would be to maintain oil production and increase it' R. Abdullayev said.

SOCAR President also said gas storage reservoirs in Azerbaijan have great potential and it is planned to pump additional gas in order to push them to the limit.

R. Abdullayev added that tanks have storage capacity of 5 billion cubic meters. "However, there was no need to increase their volume yet. Now, we think to raise it up to 5 bln cubic cubic meters and check it up as a pilot project".

He said that negotiations are underway for the purchase of 3 billion cubic meters of gas.

He added that currently, negotiations carried out with Japanese companies.

"Ideas of vice president for strategic development Toqif Gahramanov on the suspension of the execution of the project are distorted. There was a program of joint development with "Mitsui". Their proposal was ineffective and we have stopped works with them.They were told to give more accurate offer. Now we are open for new proposals.

In general, proposals from all companies will be considered and we will choose to work with company with more effective offer".