SOCAR and Samsung E&A sign memorandum to boost energy cooperation
Qabil Ashirov
Read moreAzerbaijan’s State Oil Company (SOCAR) and South Korea’s Samsung E&A Co., Ltd. have signed a Memorandum of Understanding aimed at expanding cooperation in the energy sector, AzerNEWS reports.
The agreement was announced by Azerbaijan’s Minister of Economy, Mikayil Jabbarov, who shared details on his official account on platform X.
During discussions with Hong Namkung, President and CEO of Samsung E&A, the parties explored opportunities for partnership in energy efficiency, production localization, and the establishment of a regional industrial hub. The memorandum also covers collaboration on human capital development and decarbonization initiatives.
“The implementation of this document is significant for integrating local companies into the global value chain,” Jabbarov noted in his statement.
Samsung E&A operates in engineering, procurement, construction, and project management (EPC&PM). Its portfolio spans oil and gas exploration and processing, power generation, water and waste treatment, and industrial facilities. By combining engineering solutions with efficient project management, the company has played a role in delivering industrial and infrastructure projects across multiple countries.
The new agreement underscores Azerbaijan’s ambition to strengthen international partnerships in energy and industry, while advancing sustainability and innovation in the sector.
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