Tashkent, Uzbekistan (UzDaily.com) -- SOCAR (State Oil Company of Azerbaijan) and Uzbekneftegaz signed agreements on cooperation in the oil and gas sector on Monday, SOCAR said in a statement released on Monday.

“On Monday, within the framework of the Azerbaijani-Uzbek business forum, an agreement was signed on the participation of Uzbekneftegaz in oil and gas projects in Azerbaijan and a cooperation agreement on the participation of the State Oil Company of Azerbaijan in oil and gas projects in Uzbekistan,” the information says. Bilateral trade between Uzbekistan and Azerbaijan is planned to be increased to $1 billion.

The documents were signed by SOCAR, Uzbekneftegaz and the Ministry of Mining and Geology of Uzbekistan.

Within the framework of the business forum, SOCAR President Rovshan Najaf also met with the Chairman of the Board of Uzbekneftegaz Bakhodirjon Sidikov.

“During the meeting, the current state and future prospects of cooperation between SOCAR and Uzbekneftegaz in the field of trade and logistics of oil, petrochemicals, gas chemistry and other petroleum products and training of personnel were discussed,” the information says.

According to the Ministry of Economy of Azerbaijan, within the framework of the business forum, documents on cooperation in the fields of metallurgy, accreditation, energy and pharmaceuticals were signed between the structures of Azerbaijan and Uzbekistan.