Shanghai:SOCAR and China Petroleum and Chemical Corporation (Sinopec Corp.) have entered into a Memorandum of Understanding (MoU) on Strategic Cooperation, marking a significant step in their collaborative efforts. The agreement was formalized in Shanghai, People's Republic of China.

According to Azerbaijan State News Agency, the MoU was signed by SOCAR Vice President Fuad Musayev and Sinopec Corp. Vice President Li Yuxing. This memorandum is designed to enhance the cooperation between the two companies, particularly in procurement and supply chain management.

The agreement specifies that the parties will engage in the exchange of information regarding supplier resources and will work on developing strategies for supply chain management. Additionally, the memorandum outlines plans for both companies to share experiences and best practices, explore opportunities to integrate their products, equipment, and services into each other's procurement and supply chains, and collaborate in other areas as mutually agreed upon.