15:25 - 25.02.2026

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February 25, Fineko/abc.az. A Memorandum of Understanding has been signed between the State Oil Company of Azerbaijan (SOCAR) and Samsung E&A Co., Ltd.

ABC.AZ informs that Azerbaijani Economy Minister Mikayil Jabbarov wrote about this on X.

"During the meeting with Hong Namkoong, President and CEO of Samsung E&A Co., Ltd., we discussed the energy partnership and opportunities to expand cooperation. Within the framework of the meeting, a Memorandumof Understanding was signed between SOCAR and Samsung E&A," Jabbarov wrote on X.

He added that the document envisages exploring prospects for cooperation to improve the efficiency of energy assets, localize production, establish a regional industrial center, develop human capital, and advance decarbonization.

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