SOCAR, China's National Offshore Oil Corporation sign MoU on oil and gas cooperation
Qabil Ashirov
Read moreAzerbaijan’s state oil company SOCAR and China National Offshore Oil Corporation (CNOOC) have signed a Memorandum of Understanding (MoU) to expand cooperation in the oil and gas sector.
SOCAR said that its President Rovshan Najaf met with CNOOC Chairman Zhang Shengjian in Baku on September 1.
During the meeting, the sides discussed investment opportunities in offshore oil and gas exploration, development and production, as well as oil refining and petrochemicals.
They also reviewed opportunities for cooperation in international trade, the application of new technologies and efforts to improve operational efficiency.
As part of the meeting, SOCAR and CNOOC signed a Memorandum of Understanding.
The agreement envisages the implementation of joint upstream projects in Azerbaijan and other countries. It also provides for expanded cooperation in the oil and gas sector in areas including technical services, the supply of equipment and technologies, engineering, operations and technical support.
The agreement could provide a framework for the two companies to pursue joint upstream opportunities beyond Azerbaijan, while also strengthening cooperation in oil and gas technologies and services.
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