Baku: Azerbaijan's Minister of Economy, Mikayil Jabbarov, met with Hong Namkoong, President and Chief Executive Officer of Samsung E and A Co., Ltd., to discuss potential collaborative ventures in the energy sector. The meeting focused on Azerbaijan's economic priorities and the favorable business and investment climate, aiming to integrate the country's economy into the global value chain.

According to Azerbaijan State News Agency, the meeting explored the possibility of an energy partnership, and a Memorandum of Understanding was signed between SOCAR and Samsung E and A Co., Ltd. The agreement outlines potential cooperation areas, such as enhancing energy asset efficiency, leveraging local firms in international projects, and considering the establishment of a regional industrial and supply center. Additionally, the parties aim to support decarbonization initiatives, subject to further discussions and separate agreements.

The implementation of this agreement is significant for integrating local companies into the global value chain. Samsung E and A Co., Ltd., an affiliate of the Samsung Group, is renowned for its role as a global engineering, procurement, and construction contractor. The company specializes in designing and executing projects in oil and gas processing, petrochemical complexes, and energy infrastructure, with a robust presence in key energy markets across the Middle East, Asia, and beyond.