Azerbaijan, Baku, July 18 / Trend E. Ismayilov /
In line with the principles outlined in the MoU, Foster Wheeler and SOCAR will prepare a joint action plan for the establishment and incorporation of the new company, with its headquarters in Baku, Foster Wheeler said.
The new jointly-owned company will focus on providing process, engineering, procurement, construction supervision and project management services associated with the development of the new oil, gas processing and petrochemical complex.
The new entity will provide the same services for upstream, midstream and downstream oil and gas projects developed by SOCAR both in the Republic of Azerbaijan and in other countries.
The Memorandum of Understanding was signed between the sides on July 12. The document was signed by SOCAR vice president for strategic development Tofiq Gahramanov and Foster Wheeler chief executive director Marco Marescaux.
Foster Wheeler AG is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 12,000 talented professionals.