Bloomberg: RWE Seeks Partner To Cut Risk At Caspian Gas Project, Turan Says

RWE AG is seeking a foreign partner before signing a production-sharing deal with Azerbaijan’s state energy company on the Caspian’s Nakhchivan structure, the Turan news service reported, citing an unidentified official.

Germany’s second-biggest utility, which is responsible for the exploration costs, will be ready to sign an agreement with State Oil Co. of Azerbaijan, or Socar, after it finds a partner, Turan cited the official as saying. While Socar and RWE signed a memorandum of understanding on the structure in March 2010, they haven’t yet agreed a deal on exploration and production.  MORE