BAKU, Azerbaijan, September 6. The State Oil Company of Azerbaijan (SOCAR) and Qatar's UCC Holding have signed memorandums of understanding (MoUs) to establish long-term cooperation in the energy sector, covering both Syria and international markets, Trend reports.
The signing ceremony was attended by Azerbaijan’s Minister of Economy and Chairman of the Supervisory Board of SOCAR, Mikayil Jabbarov, UCC Holding Chairman Muataz Al Khayyat, and other senior officials. The documents were signed by SOCAR President Rovshan Najaf and UCC Holding President Ramez Al Khayyat.
The agreements envisage collaboration across the entire energy value chain, including oil and gas exploration and production, development of transport and storage infrastructure, refining and petrochemicals, as well as trade and supply of crude oil, petroleum products, and aviation fuel. The MoUs also provide for the construction of high-efficiency gas turbine power plants.
One of the documents focuses on accelerating the restoration of Syria’s energy sector, supported by the governments of Azerbaijan and Qatar. It foresees the modernization of the country’s key energy infrastructure using advanced technologies and standards.
The second document outlines cooperation between SOCAR and UCC Holding in other countries and the implementation of joint projects in international energy markets.