BAKU, Sept. 20 (Xinhua) -- BP and the State Oil Company of Azerbaijan Republic (SOCAR) signed a memorandum of understanding (MOU) on Friday to formalize BP's intention of joining agreements for the exploration and development of two oil blocks in the Azerbaijani sector of the Caspian Sea, BP reported.
The MOU was announced during a ceremony in Baku, marking a significant step in expanding the long-standing partnership between the two companies, and coinciding with the 30th anniversary of the "Contract of the Century," a landmark agreement that laid the groundwork for Azerbaijan's oil industry.
