SOCAR, Japanese bank ink cooperation deal PHOTO

State Oil Company of the Azerbaijan Republic (SOCAR) and the Japan Bank for International Cooperation (JBIC) have signed a memorandum of understanding to promote cooperation in the decarbonization area at the annual meeting of the European Bank for Reconstruction and Development (EBRD) Board of Governors in Uzbekistan.

The memorandum encourages cooperation between SOCAR and Japanese companies to accelerate the implementation of projects that contribute to reducing carbon emissions, Report informs, citing SOCAR.

Under the partnership, the companies will exchange information on the implementation of low-carbon technologies, including CCS (carbon capture and storage) and CCUS (carbon capture, use and storage) projects.