SOCAR, Samsung E&A sign MoU to boost energy efficiency, local production

SOCAR and Samsung E&A signed a memorandum of understanding to collaborate on enhancing energy efficiency, localising production, building a regional industrial hub, developing talent, and advancing decarbonisation efforts.

In a post on X, Azerbaijan’s Minister of Economy Mikayil Jabbarov said the memorandum was signed during a meeting with Hon Namkoong, President and CEO of Samsung E&A, Caliber.Az reports.

During the meeting with Hong Namkoong, President and Chief Executive Officer of Samsung E&A Co., Ltd., we discussed the #energy partnership and opportunities to expand cooperation.

Within the framework of the meeting, a #MemorandumofUnderstanding was signed between #SOCAR… pic.twitter.com/kV68PfTdwp

— Mikayil Jabbarov (@MikayilJabbarov) February 25, 2026

He noted that in the talks, both sides discussed the energy partnership and opportunities to expand cooperation.

“Within the framework of the meeting, a memorandum of understanding was signed between SOCAR and Samsung E&A. The document envisages exploring prospects for cooperation to improve the efficiency of energy assets, localise production, establish a regional industrial centre, develop human capital, and advance decarbonisation. 

The execution of the agreement is of high importance for integrating local companies into global value chains,” Jabbarov wrote.

By Jeyhun Aghazada