Baku: SOCAR and UCC Holding have entered into Memoranda of Understanding (MoUs) to foster long-term collaboration in the energy sector, focusing on Syria and international markets. The agreements were formalized in the presence of high-ranking officials, including Azerbaijan’s Minister of Economy and Chairman of SOCAR’s Supervisory Board Mikayil Jabbarov, and UCC Holding Chairman Moutaz Al-Khayyat. The signing was executed by SOCAR President Rovshan Najaf and UCC Holding President Ramez Al-Khayyat.

According to Azerbaijan State News Agency, the MoUs encompass collaboration across the energy value chain. This includes oil and gas exploration and production, infrastructure development for transportation and storage, refining and petrochemical projects, and the trading and supply of crude oil, petroleum products, and aviation fuel. Additionally, the agreements involve the construction of highly efficient combined-cycle gas turbine power plants.

The cooperation, backed by the governments of Azerbaijan and Qatar, is crucial for the rehabilitation of Syria’s energy sector. The partnership is expected to aid in the reconstruction of Syria’s core energy infrastructure, aligning with modern practices and international standards.

Furthermore, the second MoU details joint projects beyond Syria, targeting international energy markets, thereby expanding the scope of cooperation between SOCAR and UCC Holding.