Azerbaijan's SOCAR Strengthens Energy Ties With China's Sinopec
The State Oil Company of Azerbaijan (SOCAR) and China Petroleum & Chemical Corporation (Sinopec Corp.) have signed a Memorandum of Understanding on strategic cooperation in Shanghai, China.
The document was signed by SOCAR Vice-President Fuad Musayev and Sinopec Corp. Vice-President Li Yuxing.
The memorandum aims to strengthen cooperation between the two companies in procurement and supply chain management.
Under the agreement, the parties will exchange information on supplier resources and work together to develop supply chain management strategies.
The memorandum also provides for the exchange of expertise and best practices, as well as exploring opportunities to incorporate each other's products, equipment and services into their respective procurement and supply chains. Cooperation may also be extended to other areas agreed upon by both sides.
Sinopec Corp. is one of China's largest integrated energy and chemical companies. Its operations cover oil and gas exploration and production, refining, transportation and sales, petrochemical manufacturing, as well as research and the application of technologies in the energy and chemical industries.
Founded on February 25, 2000, the company's shares were listed on the Hong Kong, New York and London stock exchanges in October of that year, followed by the Shanghai Stock Exchange in August 2001.
Sinopec is one of China's major oil and gas producers. It operates the country's largest oil refining capacity and holds a leading position in the supply and sale of refined petroleum products. It also ranks first in China in ethylene production capacity.
The company has more than 100 subsidiaries and affiliated enterprises operating in oil and gas exploration and production, refining, chemicals, marketing, research and development, and foreign trade. Its main production assets and markets are concentrated in eastern, southern and central China.
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