Azerbaijan's SOCAR and Samsung E&A sign memorandum of understanding

BAKU, Azerbaijan, February 25. A memorandum of
understanding was signed between the State Oil Company of
Azerbaijan (SOCAR) and Samsung E&A Co. Ltd., the Minister of
Economy Mikayil Jabbarov wrote on his X page, Trend reports.

"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 Memorandum of Understanding was
signed between SOCAR and Samsung E&A. 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.

Executing the agreement is crucial for incorporating local
companies into global value chains," the minister added.

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