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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