SOCAR, CITIC explore joint venture plans
Azerbaijan’s state oil company SOCAR and China’s CITIC Construction Co., Ltd. have taken new steps toward expanding bilateral cooperation in the energy sector, discussing the potential creation of joint ventures in energy infrastructure and petrochemical projects.
The talks took place during a meeting between SOCAR President Rovshan Najaf and CITIC Construction Chairman Yang Jianqiang. The discussions focused on identifying opportunities for collaboration in large-scale energy and industrial initiatives, reflecting the growing partnership between Azerbaijani and Chinese companies in strategic sectors, News.Az reports, citing SOCAR.
Both sides reviewed SOCAR’s ongoing projects in Azerbaijan and international markets, as well as the company’s long-term corporate strategy. They also highlighted the track record of successful cooperation between SOCAR and other Chinese firms, emphasizing shared experience in complex infrastructure and energy developments.
As a concrete outcome of the meeting, SOCAR and CITIC Construction signed a framework agreement to study potential areas of cooperation. The agreement aims to pave the way for future joint ventures and investment initiatives that could strengthen energy connectivity and industrial development between Azerbaijan and China.
By Aysel Mammadzada
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