SOCAR, Sinopec Corp. ink memorandum of strategic co-op

The State Oil Company of Azerbaijan (SOCAR) and China Petroleum & Chemical Corporation (Sinopec Corp.) have signed a Memorandum of Understanding on strategic cooperation in Shanghai, China, Report informs.

The document was signed by SOCAR Vice President Fuad Musayev and Sinopec Corp. Vice President Li Yuxing.

The memorandum is aimed at developing cooperation between the companies in the field of procurement and supply chain management.

According to the document, the parties will exchange information on supplier resources and develop supply chain management strategies.

In addition, the memorandum provides for the exchange of experience and best practices, exploring opportunities for the mutual inclusion of products, equipment, and services in procurement and supply chains, as well as cooperation in other areas agreed upon by the parties.