SOCAR and Samsung E&A ink memorandum

A Memorandum of Understanding has been signed between the State Oil Company of Azerbaijan (SOCAR) and Samsung E&A Co., Ltd., Azerbaijani Economy Minister Mikayil Jabbarov said on X, Report informs.

"During the meeting with Hong Namkoong, President and Chief Executive Officer of Samsung E&A Co., Ltd., we discussed the energy partnership and opportunities to expand cooperation. Within the framework of the meeting, a Memorandumof Understanding was signed between SOCAR and Samsung E&A," Jabbarov wrote on X.

According to him, the document envisages exploring prospects for cooperation to improve the efficiency of energy assets, localize production, establish a regional industrial center, develop human capital, and advance decarbonization.

"The execution of the agreement is of high importance for integrating local companies into global value chains," the minister concluded.