The State Oil Company of Azerbaijan Republic (SOCAR) and China’s state-owned energy company Chinese National Petroleum Cooperation (CNPC) inked memorandum of understanding (MoU) in the fields of oil and gas and petrochemistry, Azerbaijan’s state news agency Azertac reported on Wednesday.
The MoU was inked by Rovnag Abdullayev, the president of Socar and Wang Shihong, CNPC’s vice president during the visit of Senior Vice Premier of the State Council of the People's Republic of China Zhang Gaoli to Baku.
As part of the his presentation, SOCAR president Abdullayev informed the Chinese delegation about the regional and global projects implemented by SOCAR, including oil and gas processing and petrochemicals complex project and the parties discussed the investment opportunities in energy sector.
Socar had also signed a deal on May 24, with BP to explore hydrocarbons in North Absheron Basin in the Azerbaijan sector of the Caspian Sea.
By Ugur Ertas