During the meeting held at the Ministry of Economy with the President and CEO of “SAMSUNG E&A Co., Ltd.”, prospects for joint activities in the energy sector were explored, and a Memorandum of Understanding was signed between SOCAR and “SAMSUNG E&A Co., Ltd.”

Minister of Economy Mikayil Jabbarov has held a meeting with Hong Namkoong, the President and CEO of “SAMSUNG E&A Co., Ltd.”

During the meeting, information was provided about Azerbaijan’s economic priorities and its favorable business and investment climate. The works carried out to integrate the country’s economy into the world economy and the global value chain were highlighted, and opportunities for cooperation were noted.

The parties also explored the energy partnership.

Within the framework of the meeting, a Memorandum of Understanding was signed between SOCAR and “SAMSUNG E&A Co., Ltd.”. The document also envisages exploring potential areas of cooperation, including improving the efficiency of energy assets, exploring opportunities to utilize local firms in overseas projects, discussing the potential establishment of a regional industrial and supply center, and supporting decarbonization initiatives, subject to further discussions and separate agreements between the parties.

The implementation of the agreement is of high importance in terms of integrating local companies into the global value chain.

“SAMSUNG E&A Co., Ltd.,” an affiliate of the “Samsung Group” - one of the world’s largest transnational conglomerates - is a global engineering, procurement, and construction (EPC) contractor. The company provides integrated services, including feasibility studies (FS), detailed engineering, procurement, construction, commissioning, and project management. “SAMSUNG E&A Co., Ltd.” designs and implements oil and gas processing plants, oil refining and petrochemical complexes, gas processing facilities, and associated infrastructure facilities in the field of hydrocarbons and energy infrastructure. The company has extensive experience in large-scale projects in the Middle East, Asia, and other strategic energy markets.