BAKU, Azerbaijan, December 5. SOCAR (State Oil Company of Azerbaijan) and Yokogawa Electric Corporation (Japan) have signed a memorandum of understanding, Trend reports.
According to SOCAR, the MoU was signed by the company’s President Rovshan Najaf and the President of Yokogawa Europe B.V. and Vice President of Yokogawa Electric Corporation, Seita Hagihara.
The memorandum aims to expand the existing cooperation between the two companies.
Under the agreement, both parties will collaborate on production optimization, energy efficiency, decarbonization efforts, emission reduction, and areas related to digitalization, among other fields. The possibility of joint project implementation will also be explored.
Notably, the parties discussed potential cooperation opportunities in production digitalization, processing, energy transition, and decarbonization in October of this year.