BAKU, Azerbaijan, May 17. Azerbaijan’s state oil company SOCAR and the Japan Bank for International Cooperation (JBIC) have signed a Memorandum of Understanding on the promotion of cooperation in the field of decarbonization, Trend reports via SOCAR.
The document was inked May 16 during the Annual Meeting of the European Bank for Reconstruction and Development (EBRD) in Uzbekistan.
SOCAR and Japanese companies will accelerate the implementation of projects that contribute to reducing carbon emissions. In line with the global trend towards decarbonization, the companies will exchange information on implementing low-carbon technologies, including CCS (carbon capture and storage) and CCUS (carbon capture, use, and storage), hydrogen, and ammonia projects.
SOCAR and Japanese companies will develop cooperation on projects contributing to carbon dioxide reduction and environmental improvement.
Follow the author on Twitter: @Lyaman_Zeyn