"These are 117 joint ventures, 124 affiliates of Russian companies and 94 ventures with a 100% Russian stock," the statement reads.
The ministry's press release reads further that Monday saw a ninth session of the interstate commission for economic cooperation. Russian Minister of Industry and Energy Viktor Khristenko and First Deputy Prime Minister of Azerbaijan Abbas Abbasov presided over the session.
The parties approved of Russian companies' high performance in the fuel and energy industry and successful cooperation between RAO UES Rossii and the Azerenergy open corporation, particularly in mutual supplies of electric energy.
The parties recommended that Trubnaya Metallurgicheskaya Kompaniya and State Oil Company of Azerbaijan draw up and sign an agreement on cooperation," the statement points out.
Among other successful projects the officials pointed to the establishment of the Azneftegazstroi joint venture intended for the construction and reconstruction of oil and gas facilities in Russia, Azerbaijan and third-party countries.
Meanwhile, Lukoil Overseas Holding Ltd. (a 100% affiliate of the Lukoil open corporation) declared it was abandoning the Zykh-Govsany project in Azerbaijan.
"The main reason for this decision is that actual performance does not comply with the company's profitability demands due to high costs of environmental rehabilitation in the contract area and a considerable degree of depletion," Lukoil's press service reports.
The decision was settled with Lukoil's partner, State Oil Company of Azerbaijan, the press service noted.
The agreement on a parity basis on Zykh-Govsany was signed January 9, 2001 for a term of 25 years, but took no effect. In recent years State Oil Company have developed the deposit on its own by agreement with Lukoil.
Lukoil is currently taking part in two major promising projects in Azerbaijan, Shakh-Deniz (a 10% stock) and D-222 (80%).
