Azerbaijan’s SOCAR, China’s CNOOC open new chapter with upstream projects PHOTO

Azerbaijan’s state oil company SOCAR and China National Offshore Oil Corporation (CNOOC) have signed a memorandum of understanding on expanding cooperation in the oil and gas sector, SOCAR said on its official website.

The agreement was signed on September 1, following a meeting between SOCAR President Rovshan Najaf and a CNOOC delegation led by Chairman Zhang Chuanjiang.

The two sides discussed opportunities for offshore oil and gas exploration, development and production, as well as investment in oil refining and petrochemicals.

They also considered cooperation in international trade, the use of new technologies and measures to improve operational efficiency.

Under the memorandum, SOCAR and CNOOC plan to pursue joint upstream projects in Azerbaijan and other countries.

The agreement also covers cooperation in technical services, equipment and technology supplies, engineering, operations and technical support.

By Aghakazim Guliyev